TMI Blog2022 (4) TMI 946X X X X Extracts X X X X X X X X Extracts X X X X ..... passing a special resolution and by way of consents in the form of Affidavits, This Tribunal also approves the proposed form of minutes to be registered under Section 66(5) of the Companies Act, 2013. While approving the Reduction of Share Capital as above, it is clarified that this Order should not be construed as an order in any way granting exemption from payment of stamp duty, taxes or any other charges, if any payment is due or required in accordance with the law or in respect of any permission/compliance with any other requirement which may be specifically required under the law. Further, all compliances as are required to be done by the Petitioner Company upon this order confirming reduction of share capital and security premium r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort, export, buy, sell and otherwise deal in any kind of software products either on outright or on agency basis for customers/clients in India and abroad. To offer comprehensive computer and data processing services and consulting in all fields of management and business for clients in India and abroad such as Back office accounting, developments of computer applications and software on turnkey basis, development, Clinical Development, Data Acquisition, Data Cleaning, Data Migration, Medical Coding, Study Setup for EDC products, Integration Development between EDC products and other software application, Technical Support, Validation Testing, database development, development systems, application programs, systems development, devel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law:- Its Share Capital; Any Capital redemption reserve Account; or Any Share Premium account 5. It is submitted by the learned Senior Counsel for the Petitioner that the Petitioner Company intends to reduce its issued, subscribed and paid up of capital of the Petitioner Company based on the fact that the Company has excess cash lying which Is not likely to be utilised for any business purposes of the Company. It is submitted that pursuant to the above, the Board of Directors of the Petitioner Company thought it fit to reduce the Equity Share Capital proportionately from all the shareholders in equal proportion wherein up-to 80% of issued, subscribed and paid-up share capital held by each shareholder would stand cancell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21, a Special Resolution was passed by the Shareholders of the Petitioner Company at the Extra Ordinary General Meeting (EoGM) held at the Registered Office of the Petitioner Company. Further, the Shareholding Structure of the Petitioner Company prior to and post the reduction of equity share capital has been provided at paragraph 11 of the Petition. 9. This Tribunal vide its Order dated 26th November, 2021, inter alia directed the Petitioner Company to give notice of the instant Application to the Ministry of Corporate Affairs through the office of the regional Director, the Registrar of Companies and also directed to cause the publication of notice in the prescribed form. In pursuance of the same, the Petitioner Company has filed the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,84,72,400 (Indian Rupees Two Crores Eighty Four Lakhs Seventy Two Thousand Four Hundred only) divided into 28,47,240 (Twenty Eight Lakhs Forty Seven Thousand Two Hundred and Forty) equity shares of INR 10/- (Indian Rupees Ten only) each, reduced from INR 14,23,62,000/- (Indian Rupees Fourteen Crores Twenty Three Lakhs Sixty Two Thousand) divided into 1,42,36,200 (One Crore Forty Two Lakhs Thirty Six Thousand Two Hundred) equity shares of INR 10/- (Indian Rupees Ten only) each. At the date of this registration 28,47,240 (Twenty Eight Lakhs Forty Seven Thousand Two Hundred and Forty) equity shares of INR 10/- (Indian Rupees Ten only) each have been issued and are deemed to be fully fit. 12. Notwithstanding the above, if there is any de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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