9911796707
TMI Blog2015 (3) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... 24.02.2015. 2. This court at the first instance had considered the Company application No.70/2015 and the settling of the list of creditors was dispensed by the order dated 23.01.2015 as the reduction of share capital would not have affected the interest of the creditors. Simultaneously this court had directed that the petition be published in 'Hindu'-English Daily and 'Udayavani' - Kannada Daily newspapers. The publication has accordingly been made. Pursuant thereto, the objectors have approached this court objecting for reduction of the share capital insofar as returning the share amount of the objectors, who are 3 in numbers. During the pendency of consideration of their objections by this court, the petitioner company has taken note of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner company is not listed and there would be no market to buy and sell the shares of the petitioner company and investments made by the public minority shareholders would be locked-up, and it would be difficult for them to dispose of their shareholdings. 4. Presently, in view of the decision to reduce the share holdings such of those public minority share holders who have not objected to receiving their share money would be paid and such of public minority shareholders who have opted to retain their holdings shall be continued as shareholders of the petitioner company. Hence, the object of the reduction of share holding is achieved by the decision taken by the petitioner company. In such situation, having taken note of the averment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of Rs. 10/- (Rupees Ten only) each, fully paid up to Rs. 483,66,21,630/- (Rupees Four Hundred and Eighty Three Crores Sixty Six Lakhs Twenty One Thousand Six Hundred and Thirty only) consisting of 48,36,62,163 (Forty Eight Crores Thirty Six Lakhs Sixty Two Thousand One Hundred and Sixty Three ) Equity Shares of Rs. 10/- (Rupees Ten only) each fully paid-up by canceling and extinguishing 86,66,825 (Eighty Six Lakhs Sixty Six Thousand Eight Hundred and Twenty Five), fully paid Equity Shares of Rs. 10/- (Rupees Ten only) each held by non-promoter Shareholders excluding non- promoter Shareholders who have expressed their intention to continue to hold the shares of the Company in writing or as per such orders the Hon'ble High Court at Karantak ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
