2020 (8) TMI 428

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (Procedure for Reduction of Share Capital of Company) Rules, 2016. 2. The petitioner seeks approval of this Tribunal for reduction of the existing issued, subscribed and paid-up equity share capital of the company from Rs. 2,02,00,000 (rupees two crores and two lakhs only) divided into 20,20,000 (twenty lakhs twenty thousand) equity shares of Rs. 10 (rupees ten only) each to Rs. 1,00,000 (rupees one lakh only) divided in to 10,000 (ten thousand) equity shares of Rs. 10 (rupees ten only) each, by proportionately paying off the excess share capital of Rs. 2,01,00,000 (rupees two crores one lakh only) divided into 20,10,000 (twenty lakhs ten thousand) fully paid-up equity shares of Rs. 10 (rupees ten only) each at par by utilising/applying....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hare capital shall be made from the cash/bank balance (current as well as the term deposit) available with the company. 10. The petitioner-company has complied with all statutory requirements as per the directions of the Tribunal and it has filed the necessary affidavit on September 10, 2018 in the Tribunal. Moreover, the petitioner-company also undertakes to comply with the statutory requirements, if any under the Companies Act, 2013 and the Rules made thereunder, as may be applicable. 11. The Regional Director (Western Region), Ministry of Corporate Affairs, Mumbai, has filed a report dated November 19, 2018 ("report") stating therein that except for his observations in paragraph 7(a), there are no other observations. 12. The Reg....