TaxTMI 
TaxTMI 
2015 (5) TMI 238
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....ry and proper be issued; the proposed minute set out in paragraph 22 be approved; to dispense with the words And Reduced pursuant to the adjustment in the share capital be ordered and that the action taken may be approved. 2.Heard Mr.P.H.Aravind Pandian, learned Senior counsel appearing for the petitioner and Mr.M.Gopi Krishnan, learned Additional Central Government Standing Counsel appearing for the Regional Director, Southern Region, Ministry of Corporate Affairs, Chennai. 3.The petitioner Company was incorporated on 30.09.1999 as a Private Limited Company with the Registrar of Companies, Chennai. According to the petitioner Company, it is presently engaged in the business of generation and sale of power from bio-mass. While so, over th....
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..... 16,79,90,000 divided into 1,67,99,000 equity shares of Rs. 10/- each. Further the paid up equity share capital will be reduced proportionally from all the equity shareholders by cancelling 483 equity shares for every 1,000 fully paid equity shares held by them in the petitioner company; the paid up equity share capital of the petitioner will stand reduced to Rs. 8,68,50,830/- divided into 86,85,083 equity shares of Rs. 10/- each. According to the petitioner company, the above proposal will not have any adverse effect on the creditors of the company; the equity shares proposed to be reduced are fully paid equity shares; the proposal does not involve either the diminution of any liability in respect of unpaid share capital or payment to any....
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....of no-objection to the proposal for reduction of the equity share capital and the letter of consent is annexed as Annexure F. A copy of the notice dated 20th December 2014 calling for the extra-ordinary general meeting of the petitioner to pass the resolution for reduction of the share capital of the petitioner company along with the explanatory statement as required under Section 117 of the Companies Act, 2013, and a certified copy of the special resolution are filed and marked as Annexure C. A copy of the Special Resolution passed at the Extra-Oridinary General Meeting of the Shareholders of the petitioner Company held on 30.03.2012 is marked as Annexure-E. A copy of the Form of Minute is marked as Annexure-E. According to the....
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....res held by each of the shareholders proportionately in to the total paid up shares in the Company. b) the accumulated losses of the Company to the extent of Rs. 8,11,39,170/-. Resolved further that the following Directors viz., Mr.Abdul Qadir Abdul Rahman Buhari and Mr.C.S.Vijayaraghavan be and are hereby severally authorized to: (a) sign all vakalatnamas applications, affidavits, petition, documents and papers which are required to be signed and filed for the purpose of giving effect to this resolution; (b) obtain consent letters from concerned persons to the reduction for share capital and approvals from other concerned authorities; (c) to file the appropriate forms and documents including Form INC 28 and Form MGT 14 to the Registra....
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....4 amounting to Rs. 8,11,39,170 and the issued, subscribed and paid up equity share capital of the Company will be Rs. 8,68,50,830/- divided into 86,85,083 Equity Shares of Rs. 10/- each after the said reduction under Section 101 of the Companies Act, 1956 in terms of the special resolution passed by the Company in the extra-ordinary general meeting held on 30th December 2014. 7.Publication containing the advertisement of the petitioner Company was effected in one issue of English daily "News Today, Chennai Edition, on 04.03.2015 and also in another issue of Tamil daily "Malai Murasu", Chennai Edition on 04.03.2015. 8.The Regional Director, Southern Region, Ministry of Corporate Affairs, Chennai, has filed an affidavit, wherein, in paragra....