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of <h1>Company's Equity Share Capital Reduction Petition Approved by Shareholders</h1> <h3>In Re : Kamani Foods Private Limited</h3> In Re : Kamani Foods Private Limited - TMI Issues:1. Reduction of equity share capital by a company.2. Compliance with statutory requirements under the Companies Act, 2013.3. Approval of reduction of capital by shareholders.4. Observations and recommendations by the Regional Director.5. Undertakings by the Petitioner Company to meet financial obligations.6. Filing of necessary documents with regulatory authorities.7. Publication of notices regarding the reduction of capital.Reduction of Equity Share Capital:The Petitioner Company sought to reduce its equity share capital from Rs. 14,38,30,600 to Rs. 10,41,600 by cancelling 1,42,78,900 fully paid-up equity shares held by a Promoter Shareholder. This reduction was proposed to offset accumulated business losses amounting to Rs. 42,12,27,550. The shareholders approved this reduction through a Special Resolution passed on 30th September, 2019.Compliance with Statutory Requirements:The Petitioner Company, represented by its Authorized Representative, assured compliance with all statutory requirements under the Companies Act, 2013, and undertook to fulfill any additional obligations that may arise. The Company also submitted a Brand Valuation Report and other necessary documents as directed by the Tribunal.Approval and Undertakings:The Regional Director raised concerns regarding the company's financial resources to meet the proposed payout and requested an affidavit ensuring the protection of creditors' interests and statutory dues. The Petitioner Company responded by providing bank statements demonstrating adequate funds for the payout and giving undertakings to meet all financial obligations and comply with tax laws.Filing and Publication Requirements:The Petitioner Company was directed to file certified copies of the order and minutes with the Registrar of Companies within thirty days. Additionally, the company was instructed to publish notices of the reduction in two newspapers circulating in Mumbai to inform the public about the change in equity share capital and accumulated losses.Conclusion:Having fulfilled all statutory procedures and requirements, the Company Petition was granted, and the reduction of equity share capital was approved. The Petitioner Company was instructed to take necessary actions to implement the reduction, including filing documents with regulatory authorities and publishing notices as per the directions provided.This detailed analysis covers the issues of equity share capital reduction, compliance with statutory regulations, approval processes, responses to observations by the Regional Director, undertakings by the Petitioner Company, filing requirements, and publication obligations.
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