2007 (11) TMI 418

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....led seeking confirmation under section 78 of Companies Act, 1956 ("the Companies Act") as to reduction of securities premium account of Mangalam Cement Limited (for short, "the Company") incorporated in the year 1976 having its two cement units Mangalam Cement and Neer Shree Cement and registered Office at Aditya Nagar - 326520, Morak (Kota district). 2. As per Special resolution passed at Annu....

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....n raised. Accordingly, this Court doth order :- (a)the reduction of share capital/securities premium account of applicant company resolved on and affected by Special resolution passed at its General Meeting held on 14-7-2007 ad infra : "Resolved that pursuant to sections 78, 100 and other applicable provisions, if any, of the Companies Act, 1956 and subject to the confirmation by the Hon'ble....

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....b)The minutes proposed by the Company to be registered under section 103(1) of the Companies Act, set forth in para 14 of the petition, be and is hereby approved ad infra : "The Company do utilize the credit balance as on 31-3-2007 to the extent of Rs. 46,69,28,887 (Rupees forty six crores sixty nine lakhs twenty eight thousand eight hundred and eighty seven only) securities premium account for....