9911796707
TMI Blog2021 (11) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... anallur, Chennai - 600 119. 2. The main objects of the Company as set out in the Clause of the Memorandum of Association of the Company, are briefly reproduced as under; 1. To function as an authorised dealer of an automobile manufacturer in India. 2. Sale of automobiles and spare parts of the above automobile brand. 3. Provide after-sale services for the abovementioned automobile brand. 4. To carry on business on its own or through franchisee operations, the business of beauty salons and parlours, health, wellness and massage centres, gymnasiums, etc. Make and supply all kinds of wigs, conduct classes and seminars on betterment of body and beauty care or make up etc., deal in cosmetics of every description. 3. The Authorized Shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Learned AR for the Applicant Company that the Company has changed its line of business from sale of automobile and spare parts to owning beauty salons and parlours and it has exited from the automobile business disposing of the capital assets. It was submitted that the Board of Directors felt that this new business does not require huge capital as this is of service nature and also the Company has incurred huge losses in its automobiles and spare parts sales business with the carry forward losses of the company as on 31.12.2019 is Rs. 7,86,93,970/-. Hence, it was submitted that the carry forward losses can be reduced by cancelling the paid up capital to the said extend and use it to write off the debit balance in the profit and loss acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pees Four Crore Seven Lakhs Forty Three Thousand Four Hundred and Forty Only) divided into 40,73,344 (Forty Lakhs Seventy Four Thousand Three Hundred and Forty Four) fully pad up shares of Rs. 10/- a reduced from Rs. 41,94,37,410/- (Rupees Forty One Crore Ninety Four Lakhs Thirty Seven Thousand Four Hundred and Ten Only) divided into 4,19,43,741 (Four Crore Nineteen Lakhs Forty Three Thousand Seven Hundred and Forty One) Equity Shares of Rs. 10/- each. At the date of this registration of this minute 40,74,344 Equity Shares of Rs. 10/- each have been issued and deemed to have been fully paid-up." 9. It is seen from the Application and the annexures filed therewith, that the shareholders of the Applicant Company have approved the scheme of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Company Secretary. Apart from the aforesaid observation, it is seen that the RD has stated in its report that after going through the Scheme of Reduction of Capital, the Regional Director has decided not to make any objection to the Scheme. 12. In view of the same, this Tribunal is of the view that it is just and proper to confirm the Reduction of Share capital of the Applicant Company as resolved by the members of the Company by passing a special resolution and by way of the consent in the form of affidavit. This Tribunal also approves the proposed form of Minutes to be registered under section 66(5) of the Companies Act, 2013 and as given in the application is as follows: "The paid up Share Capital of Marjan Motors Private Limited is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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