TaxTMI 
TaxTMI 
2021 (5) TMI 645
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....e there was a delay of 128 days in causing paper publication the Applicant has moved MA/423/2020 seeking thereof to condone the said delay. The said factum of delay was brought to the notice of this Tribunal after the orders were reserved in the final motion stage and hence the Applicant has filed MA/1195/2020 seeking to re-open the CP/816/2020 which was reserved for orders on 21.02.2020 in order to consider the MA/423/2020. 2. Heard the Authorized Representative for the Applicant. The delay of 128 days in causing paper publication is due to the reason that the mother of the Authorized Representative was diagnosed with Stage 4 cancer during the month of October 2019 and she died on 25.11.2019 and since the last rites was performed during....
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....n and other approvals as may be required from any other authorities and subject to compliance of any other law in this regard. ii. To carry on the business of consultants and providing services of all types including technical, administrative, marketing and providing services of accountants, tax experts and of acting as recruitment agents, advertising agents, organizers of conferences, auctioneers, trustees, executors, administrators, attorneys, nominees and agents and of working as professional consultants on productivity, taxation, employment, investment, marketing, banking and economic related matters. 5. The Learned Authorized Representative for the Applicant company submits that the Company was engaged in the business of Co....
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....its share capital (b) any capital redemption reserve account (c) any other reserve, including but not limited to general reserve (d) securities premium account (e) surplus in the profit and loss account." 8. It was further submitted by the Learned Authorized Representative for the Applicant Company that the Board in its meeting held on 30th January, 2019 reviewed the capital structure and the leverage position of the Company and has concluded that the Company is in a net cash position and does not need the excess funds to operate the existing business of the Company. Further, the Board is also of opinion that the existing business of the Company will continue to build up surplus after the Capital Reduc....
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....r the reduction of the Equity Share Capital. In pursuance of the same, the Applicant Company in its Extraordinary General Meeting held on 01.03.2019 had passed a Special Resolution for Reduction of Capital of the Company and the relevant portion is extracted hereunder; "RESOLVED THAT pursuant to the provisions of Section 66 and other applicable provisions, if any, of the Companies Act, 2013, read with National Company Law Tribunal (Procedure for reduction of Share Capital of Company) Rules, 2016 (including any statutory modification or re-enactment thereof) and the Articles of Association of the Company and subject to the approval of National Company Law Tribunal ("NCLT") and subject to the sanctions and approvals of appropriate au....
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....hereunder; 12. The form of the minutes proposed to be registered under section 66 (5) of the Companies Act, 2013 and as given in the application is as follows: "The paid up Share Capital of M/s. Navia Commodities Broker Private Limited, is henceforth Rs. 1,00,000/- (Rupees One Lakh Only) divided into 10,000/- (Rupees One lakh Only) divided into 10,000 (Ten Thousand) Equity Shares of Rs. 10/- (Rupees ten Only) each fully paid up, reduced from Rs. 30,00,000/- (Rupees Thirty lakhs Only) being 3,00,000 (Three Lakhs Only) equity shares of Rs. 10/- (Rupees ten Only) each fully paid up and that such reduction of Rs. 29,00,000/- (Rupees Twenty Nine Lakhs Only) Equity Shares of Rs. 10/- (Rupees ten Only) each be effected by paying a sum ....
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.... 17. In view of the same, this Tribunal is of the view that it is just and proper to confirm the reduction of paid up share capital of the Applicant Company as resolved by the members of the Company by passing a special resolution and by way of the consents in the form of affidavit. This Tribunal also approves the proposed Form of Minutes set out in Paragraph 23 of the Application and as extracted in paragraph 12 supra. 18. Notwithstanding the above, if there is any deficiency found or violation committed qua any enactment, statutory rule or regulation, the sanction granted by this Tribunal will not come in way of action being taken, albeit, in accordance with law, against the concerned persons, directors and officials of the applicant....