2014 (11) TMI 1142

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tition, an application had been filed before this Court seeking amendment to the petition which had been permitted. Hence, the petitioner with its present name is before this Court seeking the relief as noticed herein. 3. The petitioner with its former name was incorporated on 10.10.2006. The petitioner company is engaged in the business of manufacturing and trading of all kinds of AC, DC, Power Suppliers and related power products. During the course of its operation, the petitioner company has accumulated loss to the tune of Rs. 78,97,76,628/- as on 31.05.2014. It is in that view, the petitioner company has proposed to restructure its financial position by reducing the paid up equity share capital and Securities Premium Account by adjustm....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....terested in the affairs of the petitioner-company has approached this Court opposing the petition. 6. In that view, having considered the averments made in the petition and having perused the decision taken by the Board of Directors and also the resolution passed in the Annual General Meeting of the petitioner company, I am of the opinion that the prayer made in the instant petition is liable to be granted. 7. In the result, the following: ORDER (i) The petition is allowed and reduction of capital as resolved at the Annual General Meeting held on 04.06.2014 which reads as under is confirmed. "RESOLVED THAT pursuant to Section 100 and any other applicable provisions, of the Companies Act, 1956 and the Articles of Association of the Com....