TaxTMI 
TaxTMI 
2021 (5) TMI 74
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.... Office of the Company is situated at Door No.7/250E, Hotel Maramon, Maramon P.O, Kozhencherry, Pathanamthitta-689549, Kerala. It is stated that the main objects of Petitioner Company is doing business of hotel and resort including catering services to Airlines, Shipping and Flight Kitchen services. It is further stated that during the year 2019-2020 the Company achieved a turnover of Rs.10,06,57,996/-. The net profit for the year amounted to Rs.69,95,470/-. No adverse remark has been made by the Auditor in his Report and no Enquiry of investigations is against the petitioner company. 3. The share capital of the Petitioner Company prior to and post reduction of its share capital shall be as follows: PRIOR TO CAPITAL REDUCTION POST TO CAP....
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....ion of the present hotel project to higher levels and requires substantial investment through large equity investment and commercial borrowing which requires personal guarantees of Directors and Shareholders. Therefore, the non-promoter shareholders are not interested to continue as shareholders under the new management. 5. It is further stated that the Board of Directors of the Company passed a Special Resolution approving the proposed reduction of share capital in accordance with Section 66(1) of the Companies Act, 2013, and this has been approved by the members present in the AGM held on 7th November 2020. The number of members who voted in favour of reduction of share capital and number of sharesor voting power are as follows: Sl. No.....
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....y has not received any objection from any person till date. Hence, it is presumed that they do not have any objection to the proposal for reduction of capital. 8. I have heard the learned PCS for the Petitioner Company and perused the records attached with the petition. 9. As per clause 19 (b) of the Articles of Association read along with clause V of the Memorandum of Association, the Petitioner Company empowers to reduce its paid up capital in any manner and to divide the shares in accordance with the provisions of the Companies Act, 1956. The relevant clauses read as follows: - Clause19(b) of AoA - "Reduction of Share Capital" "The Company may by special Resolution reduce its paid up capital in any manner subject to the provisions ....
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....sed reduction can be confirmed by passing order in terms of Rule 6 of the Rules. THIS TRIBUNAL DO ORDER 14. The minute as proposed to be registered under Section 66 of the Companies Act, 2013 is hereby approved. FORM OF MINUTE "The paid up share capital of M/s. Maramon Hotels and Resorts Private Limited, is henceforth Rs. 1,39,06,000/- (Rupees one Crore Thirty-Nine Lakhs Six Thousand Only) divided into 13,90,600 (Thirteen Lakh Ninety Thousand Six Hundred) equity shares of Rs. 10/- (Rupees Ten) each, as reduced from Rs. 1,50,00,000 (Rupees One Crore Fifty Lakhs Only) divided into 15,00,000 (Fifteen Lakh) fully paid up equity shares of Rs. 10/- (Rupees Ten) each." 15. As per Section 66 (5) of Companies Act, 2013 the petitioner company s....