TMI Blog2022 (6) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... s or any other charges, if any payment is due or required in accordance with law or in respect to any permission/compliance with any other requirement which may be specifically required under any law - Application allowed. - CA/770/2020 - - - Dated:- 1-6-2022 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : A.M. Illango, Advocate ORDER Sucharitha R., Member (J) 1. The instant Application has been filed under Section 66 of the Companies Act, 2013 for confirming the reduction of share capital of M/s. JVH Met-Cut Private Limited, a Company incorporated on 13.03.1996 under the provisions of Companies Act, 1956 and having its registered office at 4, Pycrofts Garden Road, Nungambakkam, Chennai-600 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 104 of the Act reduce its share capital and any capital redemption reserve account of share premium account. 6. The Learned Counsel for the Applicant Company submitted that the Applicant Company has NIL Unsecured and One Secured Creditor and the Certificate issued by the Chartered Accountants to this effect is also placed on record. The Applicant Company had also filed a Certificate from one Bail Associates, Chartered Accountants, Statutory Auditors of the Applicant Company dated 27.10.2020, to the effect that the Accounting Treatment proposed by the Applicant Company for the proposed reduction of its share capital, as envisaged in the Scheme, is in conformity with the Accounting Standards prescribed under Section 133 of the Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SOLVED FURTHER that, Subject to the provisions of Companies Act, 2013 and the National Company Law Tribunal (Procedure for Reduction of share Capital of company) Rules, 2016, the accumulated losses to the extent of Rs. 66,60,000/- (Rupees Sixty Six Lakhs and Sixty Thousand only), be reduced from the Paid up capital as unrepresented by available assets and upon which the Paid up Capital of the company shall stand cancelled to the extent specified above; and upon such cancellation of such equity shares, the issued, subscribed and paid-up equity share capital of the company shall stand reduced to Rs. 7,40,000 (Rupees Seven Lakh and Forty Thousand only) divided into 7,40,000 fully paid-up equity shares of Re. 1/- each without any further act or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... newspaper advertisement on 13.05.2021 in Daily Thanthi (Tamil) and Business Standard (English). 12. Consequent thereto, upon receipt of the notice, the Regional Director has submitted its observation dated 19.08.2021, wherein after going through the Scheme of Reduction of Capital, the Regional Director in para 5 of its Report has stated that they have decided not to make any objection to the Scheme of Reduction as contemplated by the Applicant Company. 13. 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 consents in the form of affidavit. This Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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