2016 (6) TMI 1021

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.... Developers Private Limited. The name was of the Company was changed to Eagle Creek Knowledge Processing Services Private Limited vide fresh certificate dated 7th May 2008. It was further changed to I 4 Knowledge Processing Private Limited vide the fresh certificate dated 19th October 2015 issued by the Registrar of Companies, Gujarat. The petitioner company was incorporated with the objective to provide knowledge based services and support mainly to the financial industry in the United States. The services include skilled support to Financial Advisory firms for middle office and back office tasks, CPA firms for book keeping, tax planning and tax preparatory work etc. The Company proposed expansion and diversification plans to establish ind....

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.... value of the share viz. Rs. 31/- per share. Vide further order dated 6th August 2015 (Coram Hon'ble Mr. Justice Vipul M. Pancholi), passed in Company Petition No. 224 of 2015, the Hon'ble High Court confirmed the further Reduction of the Preference Share Capital to the extent of Rs. 2,19,45,000/- by part repayment towards 10,45,000 Preference Shares at Rs. 21/- each towards shares held by Strategic Insurance Marketing Solution and Jose Dorothy Hong Farm Partnership. As a result, the petitioner company had Preference Share Capital of Rs. 1,04,50,000/- consisting of 10,45,000 8.25% Cumulative Compulsorily Convertible Preference shares of Rs. 10/- each fully paid up as on 31st December 2015. It has been pointed out that after the said repayme....

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....Company, being in excess of the requirements of the Company be reduced from Rs. 1,04,50,000/- consisting of 10,45,000 8.25% Cumulative Compulsorily Convertible Preference shares of Rs. 10/- each fully paid up to Rs.NIL. The said reduction be effected by cancellation of the existing 10,45,000 Preference shares held by Strategic Insurance Marketing Solution and Jose Dorothy Hong Farm Partnership being the investors in the Company". "RESOLVED FURTHER THAT upon the reduction being confirmed by the Hon'ble High Court of Gujarat at Ahmedabad, the above mentioned Shareholders holding 10,45,000/- fully paidup Preference shares of the Company, shall cease to be the shareholders of the Company. "RESOLVED FURTHER THAT upon cancellation of the ab....

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....Soparkar, learned advocate for the Petitioner. Having perused the Petition and more particularly the reasons given in support of the proposed reduction, in my view there is no reason not to confirm the proposed action of the Petitioner to reduce its capital. The said proposal does not prejudicially affect anyone. Accordingly the resolution dated 18th March 2016 is hereby confirmed. 9. The form of the minute proposed to be registered under Sec.103 (1)(b) is as follows: MINUTE UNDER SECTION 103 (1) "The Issued, Subscribed and Paid up Preference Share Capital of I4 Knowledge Processing Private Limited (erstwhile Eagle Creek Knowledge Processing Services Private Limited) is by virtue of a Special Resolution of the company dated 18th Ma....