TaxTMI 
TaxTMI 
2002 (8) TMI 774
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....ution set out in para 8 of the petition be confirmed, that to this end all inquiries and directions necessary and proper be made and given; that the proposed minute be approved; and that such further or other orders may kindly be made in the premises as to the Court may deem fit in the interest of the company and its shareholders. 3. In para 1 of the petition, the petitioners has given the events in respect of registration of the company. In para 2 the address of the registered office of the company has been given and along with this petition copy of memorandum of article of association has been enclosed to the petition. In para 3 of the petition the objects of the company are given. 4. The authorised capital of the company is Rs. 8,00,00....
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....shares held by them, constitute a large portion of total shareholders of the company, it is considered to be unfair and against the interest of shareholders to forfeit the shares held by them. To protect the interest of shareholders, the company wishes to go for reduction of capital under Article 10 of Articles of Association of the company. 9. By special resolution of the company, duly passed in accordance with section 189 of the Act of 1956, at a general meeting thereof, held after due notice as provided in the Act on the 29th day of August, 2000, it was resolved : 1.In respect of 35,700 partly paid shares on which Rs. 12.50 is paid up including premium, 75 shares shall be cancelled for every 100 shares held. 2.In respect of 10,600 par....
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....5,69,55,000 and a number of shares held by such shareholders shall be ratably reduced to 7,75,115 shares so as to convert these shares in to fully paid up shares in the following manner : (a)In respect of 35,700 partly paid shares on which Rs. 12.50 is paid up including premium, 75 shares shall be cancelled for every 100 shares held, the details of which have been mentioned in category I in Schedule 'B'. (b)The shareholders which have been mentioned in category II in Schedule 'B' shall have to pay Rs. 13,250 in total which will be demanded from them. (c)In respect of 52,500 partly paid shares on which Rs. 20 is paid up including premium, 60 shares shall be cancelled for every 100 shares held, the details of which have been mentioned in c....