2004 (4) TMI 320

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....the Company were altered and sub-clause 49A was added authorizing the company to reduce its Share Capital. In the other Special Resolution passed on the same day the balance in Share Premium Account amounting to Rs. 686.92 lakhs and Debentures Forfeited Account to the tune of Rs. 146.56 lakhs transferred to Profit and Loss Accounts. The resolutions read as under : "Resolves that the Articles of Association of Company, be and are hereby, altered by adding the following new sub-clause 49A : 49A : Subject to the provision of the Companies Act, 1956, as amended up to date, the company may by Special Resolution, reduce the Share Capital of the Company in the manner as may be specified in the Resolution. Mr. Santosh Bhutani seconded the Resolu....

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....inutes of the extraordinary general meeting of the shareholders of the petitioner-company held on 29-11-2003. 5. It is pleaded that petitioner-company does not owe any debt or loan payable to the public, any other financial institution of Bank or other Body Corporate. The authorized share capital of petitioner-company is stated to be Rs. 15 crores divided into 1,50,000 Equity Shares of Rs. 10 each. The paid-up capital of company as on 31-3-2003 was Rs. 5,62,80,820 divided into 38,67,680 Equity Shares of Rs. 10 each having been issued and fully paid-up aggregating in Rs. 3,86,76,800 and Rs. 1,76,04,020 as against 37,31,700 Equity Shares forfeited in the petitioner-company. It is further pleaded the petitioner-company has very few creditors ....