TaxTMI 
TaxTMI 
2015 (5) TMI 237
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....ll shareholders and creditors of the petitioner Company and the petitioner Company; to issue necessary and proper directions; to approve the proposed minute; and not requiring the petitioner to add the words "and reduced" to its name as the last words thereof. 2. Heard Mr.A.M.Ilango, learned counsel appearing for the petitioner and Mr.M.Gopikrishnan, learned Additional Central Government Standing Counsel appearing for the Regional Director, Southern Region, Ministry of Corporate Affairs, Chennai. 3. According to the petitioner Company, it is presently engaged on the business of design, develop, implement, make, install, operate, maintain, market, buy, import, export, sell, license computer software, embedded software, databases, computer ....
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....cumulative Redeemable Preference Shares of Rs. 10 each. Therefore, the petitioner Company has adequate reserves to meet the proposal for reduction of the Paid-up equity share capital of the Company. Upon the said reduction of equity share capital, the Paid-up equity share capital account of the Company shall stand reduced to Rs. 4,71,66,800 (Rupees Four Crore Seventy One Lakhs Sixty Six Thousand and Eight Hundred only) divided into 12,16,680 (Twelve Lakhs Sixteen thousand Six Hundred and Eighty) Equity shares of Rs. 10/- each and 35,00,000 0% Non-cumulative Redeemable Preference Shares of Rs. 10 each. A copy of the Resolution passed by the Board of Directors of the petitioner Company on 22.11.2014 is marked as Annexure-B. A copy of the audi....
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....es Twenty Two Crores Sixteen Lakhs Sixty Six Thousand Eight Hundred Only) divided into 1,86,66,680/- (One Crore Eighty Six Lakhs Sixty Six thousand Six hundred and Eighty) Equity shares of Rs. 10/- each and 35,00,000 0% Non-cumulative Redeemable Preference Shares of Rs. 10 each as on date to Rs. 4,71,66,800(Rupees Four Crore Seventy One Lakhs Sixty Six Thousand and Eight Hundred only) divided into 12,16,680 (Twelve Lakhs Sixteen thousand Six Hundred and Eighty) Equity shares of Rs. 10/- each and 35,00,000 0% Non-cumulative Redeemable Preference Shares of Rs. 10 each by way of writing off profit & loss account debit balance which is an unrepresented assets aggregating to a sum of Rs. 17,45,00,000 (Rupees Seventeen Crore Forty Five Lakhs only....
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.... proposal of reduction from time to time or to suspend, withdraw or revive the Scheme from time to time as may be specified by any statutory authority or as any of the officers as authorized above may suo-moto decide in their absolute discretion and to do all such acts, deeds, matters and things whatsoever, including settling any question, doubt or difficulty that may arise with regard to or in relation to the reduction of capital as they may in their absolute discretion consider necessary, expedient, fit and proper. d) to settle any question or difficulty that may arise with regard to implementation of the scheme and to give effect to the above resolution; e) to sign and file applications / petitions / any other affidavit or document wit....
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....id up capital of the said company is henceforth Rs. 4,71,66,800 (Rupees Four Crore Seventy One Lakhs Sixty Six Thousand and Eight Hundred Only) divided into 12,16,680 (Twelve Lakhs Sixteen thousand Six Hundred and Eighty) Equity shares of Rs. 10/- each and 35,00,000 0% Non-cumulative Redeemable Preference Shares of Rs. 10 each. . 6.Publication containing the advertisement of the petitioner Company effected in one issue of English daily "Trinity Mirror", Chennai Edition, on 20.02.2015 and also in another issue of Tamil daily "Makkal Kural", Chennai Edition on 20.02.2015. 7.The Regional Director, Southern Region, Ministry of Corporate Affairs, Chennai, has filed an affidavit stating no objection to the proposal made by the petitioner Compan....