TaxTMI 
TaxTMI 
2015 (9) TMI 1579
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....aluru -560064. The petitioner -company is engaged in the manufacture and sale of automotive ball bearings. The petitioner is a wholly owned subsidiary of JTEKT Corporation, a Japanese Company. ( 3. ) It is stated, the authorized share capital of the petitioner -company is Rs. 426,80,00,000/ - divided into 42,68,00,000 equity shares of Rs. 10/ - each. The issued, subscribed and paid up share capital of the petitioner -company is Rs. 426,28,55,030/ - divided into 42,62,85,503 equity shares of Rs. 10/ - each fully paid up. Out of which 42,62,85,502 equity shares of Rs. 10/ - each fully paid up are held by JTEKT Corporation, Japan and 1 equity share of Rs. 10/ - fully paid up, is held by an individual as a nominee of JTEKT Corporation, Japan....
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.... be no change in the share holders of the company contemplated in the proposed financial restructuring and the share holders post financial restructuring shall continue to remain the same as that of pre financial restructuring. The proposed set off of accumulated loss against the paid -up share capital and the write off of the amount in the securities premium account of the company are only book entries and have no financial outlay/outgo whatsoever to the share holders of the petitioner company. ( 7. ) it is stated, in order to improve the financial position and to represent a true and fair state of affairs in the current business environment, it has become imperative for the petitioner company to wipe out its losses in the previous year....
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....he Shareholders of the Company held on 31.03.2015 and pursuant to the provisions of Sec. 100 of the Companies Act, 1956 read with Sec. 52 of the Companies Act, 2013, the Articles of Association of the Company and other applicable provisions, if any, and subject to confirmation of the Hon'ble High Court of Karnataka at Bangalore and any other approval as may be required, the total loss of the Company being Rs. 362,44,07,120/ - (Rs. Three Hundred Sixty Two Crores Forty Four Lacs Seven Thousand One Hundred and Twenty) (rounded off) as at 31.03.2015 will be reduced as set out in the following resolutions; FURTHER RESOLVED THAT pursuant to Sec. 52 of Companies Act, 2013 read with Sec. 100 of the Companies Act, 1956 and other applicable provis....
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....nty Four Lacs Twenty Six Thousand Two Hundred and Fifteen) equity shares of Rs. 10/ - (Rs. Ten Only) each, fractions being ignored, out of the existing total subscribed issued and paid up equity shares capital of the Company and writing off Rs. 317,42,62,150/ - (Rs. Three Hundred Seventeen Crores Forty Two Lacs Sixty Two Thousand One Hundred and Fifty) from its paid -up share capital, which has been lost and is not represented by the available assets of the Company, and adjusting the same against the debit balance of Profit and Loss Accounts as at 31.03.2015; FURTHER RESOLVED THAT, an application for amendment of Company petition No. 84/2015 filed on 13.04.2015 before the Hon'ble High Court of Karnataka at Bengaluru be submitted and if a....
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.... Thirty) divided into 42,62,85,503 (Forty Two Crores Sixty Two Lacs Eighty Five Thousand Five Hundred and Three) equity shares of Rs. 10/ - (Rs. Ten only) each to Rs. 108,85,92,880/ - (Rs. One Hundred and Eight Crores Eighty Five Lacs Ninety Two Thousand Eight Hundred and Eighty) divided into 10,88,59,288 (Ten Crores Eighty Eight Lacs Fifty Nine Thousand Two Hundred and Eighty Eight only) equity shares of Rs. 10/ - (Rs. Ten only) each by recalling, canceling and extinguishing 31,74,26,215 (Thirty One Crores Seventy Four Lacs Twenty Six Thousand Two Hundred and Fifteen) equity shares of Rs. 10/ - (Rs. Ten only) each, fractions being ignored, out of the existing total subscribed issued and paid up equity shares capital of the Company and writ....