2021 (1) TMI 316

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....agraph 10; ii. That the requirement of issuing notice to creditors and publishing newspaper advertisement may kindly be waived; iii. That to this end all directions necessary and proper be made and given; iv. That the proposed minute set out in paragraph 19 be approved; and The Registered Office of the Company is situated at XIII/XIV Rajeev Gandhi Municipal Shopping Complex, Central Junction, Kottayam- 686 001. 2. On presentation of the case before this Tribunal, this Bench issued notice to RoC to file its report. Now the RoC filed a report dated 01.12.2020 stating that the Regional Director, Ministry of Corporate Affairs (Southern Region), Chennai being the competent authority by virtue of the powers delega....

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....e with the provisions of the Companies Act, 1956." 5. A reading of the above clause will reveal that the Authorized Share Capital of the Company is Rs. 120,00,00,000/- divided into 1,20,00,000/- Equity Shares of Rs. 100 each, which have been issued and have been fully paid-up or credited as fully paid. 6. The Petitioner Company further submitted that the Petitioner Company is doing the business such as to manufacture, refine, process, formulate, prepare or otherwise acquire, invest in, own, hold, use, lease, mortgage, pledge, buy, sell, exchange, distribute, assign, transfer or otherwise dispose of trade, import, export, deal in and deal with all classes and kinds of gold ornaments, gold bars, sovereign, jewels made out of white gold,....

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.... also stated that the Company has not accepted any deposits and has no secured/unsecured creditors as on 31.10.2019 and to that effect a certificate from Auditor and declaration from Directors of the Company along with the provisional financial statements as on 31.10.2019 have been produced before this Tribunal. 10. The Petitioner in the petition stated that the Company is not having any foreign investments and, therefore, was not required to comply with the provisions of FEMA and RBI guidelines in respect of Foreign Direct Investment (FDI). It is also stated that the proposed reduction of share capital has no adverse impact on the employees as there are no employees working on the rolls of the Company as on 31.10.2019 and the tax implic....