2021 (8) TMI 985

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.... to reduce the shares in the share capital of the Company from 10,000 equity shares to 4,000 equity shares by cancellation of 3000 equity shares of Jai Hiremath and 3000 equity shares of Sugandha Hiremath without payment of consideration and consequent to cancellation and reduction, the shares of Jai Hiremath be reduced from 3500 equity shares to 500 equity shares and the shares of Sugandha Hiremath be reduced from 3500 equity shares to 500 equity shares. The said special resolution was unanimously approved by the Petitioner Company in its Extraordinary General Meeting held on 16 September 2020. 5. Rationale for Capital Reduction: i. It is the desire of the present shareholders of the Petitioner Company that the individual share....

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....oner Company would honour its commitments and meet its obligations in the ordinary course of business and also there is no pay out to the individual shareholders pursuant to the proposed capital reduction. 7. Within seven (7) days from the date of this order, the Petitioner Company is directed to serve a notice in Form No. RSC-3 of the hearing of the Petition upon Creditors of the Petitioner Company pursuant to section 66(2) of the Companies Act, 2013 with a statement that they may submit their representations and objections, if any, to this Tribunal, within a period of three months from the date of the receipt of the said notice and a copy of such representations/objections shall simultaneously be served upon the Petitioner Company, fai....