TaxTMI 
TaxTMI 
2021 (10) TMI 716
X X X X Extracts X X X X
X X X X Extracts X X X X
....was registered on 31.01.2000, under the Companies Act, 1956 as a Company Limited by Shares and has its registered office at "Guru Kripa" D-60/1, East of Kailash, New Delhi- 110065, which falls within the territorial jurisdiction of this Bench. The Applicant company is engaged in the business of design, manufacture, production, processing fabrication of all kinds of Wheels and related machinery spare parts etc. 2. The share capital of the Applicant as on 31st March, 2020 is given as under: 3. The Applicant has filed this application under section 66 of the Companies Act, 2013, for obtaining sanction for the Scheme of Reduction of Share Capital of the Applicant Company, the Reason submitted by the Applicant company, for reduction of the sha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ny and be of no effect and the company may without requiring the surrender of the existing share certificates, directly issue and dispatch the new share certificate of the company, in lieu thereof. d) The applicant Company shall debit the equity share capital account to the extent of the face value of the shares cancelled under the capital reduction application and the difference between the face value per share and amount of consideration per share shall be debited to the "retained Earnings" under the head "Reserves and Surplus". The abovementioned accounting treatment is in conformity with the Accounting Standards applicable to the Company. 4. The Applicant company submitted that as on 31.(sic)103.2020, it has no secured/Unsecured cred....
X X X X Extracts X X X X
X X X X Extracts X X X X
....egional Director has no objection to the extent of proposed scheme of reduction in share capital of the Applicant company. 9. Notice was duly served on the Income Tax Department; despite several opportunities no one has appeared for the Income Tax Department. This tribunal vide order dated 26.07.2021 directed the applicant company to file an affidavit denoting that they are tax compliant and if any demand is raised by the Income Tax Department, with regard to any dues or arrears of Income Tax, the applicant company will make good the same as per law. 10. Taking into consideration the above and since there is no objection from any quarters, in respect of prayer made for reduction of capital, as contemplated by the Applicant Company, this T....