TMI Blog2021 (10) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... company to file an affidavit denoting that they are tax compliant and if any demand is raised by the Income Tax Department, with regard to any dues or arrears of Income Tax, the applicant company will make good the same as per law. That the reduction of the Equity share capital of the above company, as resolved by the resolution passed at the Extra Ordinary General meeting held on the 24.08.2020, is allowed - Application allowed. - Company Petition No. 150/66/ND/2020 - - - Dated:- 6-10-2021 - P.S.N. Prasad, Member (J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Hemant Manjani, Advocate For the Respondents : Apoorva Chaudhary and Shankari Mishra, Advocates ORDER P.S.N. Prasad, Member (J) 1. The pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g manner ( Proposed Capital Reduction ):- a) The Paid- Up Share Capital of the Applicant Company is to be reduced from ₹ 6,98,01,160/- consisting of 69,80,116/- equity shares of ₹ 10/- each to ₹ 70,00,000/- consisting of 7,00,000 equity shares of ₹ 10/- each fully paid up. b) That the reduction of the paid up share capital shall be effected by setting off the accumulated losses of ₹ 6,28,01,160 (Six Crore Twenty Eight Lakh One Thousand One Hundred Sixty Only) from the existing paid-up share capital of the company which is equivalent to ₹ 6,28,01,160 (Six Crore Twenty Eight Lakh One Thousand One Hundred Sixty Only) divided into 62,80,116 (Sixty Two Lakh Eighty Thousand One Hundred Sixteen) Equity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, 2016. 5. The Articles of Association of the applicant company, in Article 17 provides for reduction of the share capital, by way of special resolution passed. Hence, the reduction of share capital is as per the Articles of Association of the Applicant Company. 6. The Copy of the audited Financial Statement for the last three financial years i.e., 2017-18, 2018-19 and 2019-20 of the applicant company has been annexed with the application, the applicant company further submits that there has been no adverse remark made by the auditor during any of the previous financial years. 7. The Certificate from the statutory auditor that the reduction of capital of applicant company is in accordance with the accounting standards specified un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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