2015 (11) TMI 384

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g the proposed minute to the effect that, "The paid-up share capital of the company be reduced to Rs. 70,00,000/- (Rupees Seventy Lakhs Only) comprising of 50,00,000 (Fifty lakhs) equity shares of Rs. 1/- (Rupee one only) each and 20,00,000 (Twenty lakhs) 1% Redeemable Preference shares of Rs. 1/- (Rupee one only) each, the securities premium account and the capital reserve of the petitioner be reduced by Rs. 3,75,00,000/- and Rs. 2,50,000/- respectively." 2. The petitioner company is presently carrying on the business of conversion of cotton into yarn. The nature of business carried on and the object of the petitioner company is detailed in the Memorandum of Association. Certified copy of the Certificate of incorporation and the Memo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r the reduction of the paid-up share capital of the company from Rs. 7,00,00,000/- (Rupees Seven Crores only) comprising of 50,00,000 (Fifty Lakh) equity shares of Rs. 10/- (Rupees ten only) each and 20,00,000 (Twenty lakhs) Preference shares of Rs. 10/- (Rupee ten only) each to Rs. 70,00,000/- (Rupees Seventy Lakhs only) comprising of 50,00,000 (Fifty Lakh) equity shares of Rs. 1/- (Rupees one only) each and 20,00,000 (Twenty Lakh) Preference shares of Rs. 1/- (Rupees one only) each by reducing the face value of both the equity shres and the preference shares from Rs. 10/- each to Rs. 1/- each. RESOLVED FURTHER THAT subject to provisions of Sections 100 to 104 of the Companies Act, 1956, Section 52 of the Companies Act, 2013 and other a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tition was effected in one issue of English daily ''Trinity Mirror'', Coimbatore Edition, on 15.07.2015 and also in another issue of Tamil daily "Makkal Kural", Coimbatore Edition on 15.07.2015. 6. Notice has been issued to the Regional Director, Ministry of Corporate Affairs, Chennai, for filing his objection. The Regional Director has filed his report stating no objection for the proposed reduction. 7. As stated in the petition and as seen from the financial statements filed, the decision taken to have a true reflection of the financial position of the company is purely a commercial decision. Considering the fact that such move has been approved by the overwhelming majority of the shareholders, apart from the facts t....