2016 (7) TMI 1654

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.... & Co., Advocates. ORDER 1. Heard the learned counsel for the Petitioner. No objector has come before the court to oppose the Reduction of Share Capital and nor any party has contravened any averments made in the Petition. 2. The Counsel for the Petitioner submits that by Order dated 1st July, 2016 passed in Company Summons for Direction No 550 of 2016, the procedure prescribed under Sect....

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....Crores Fifty Seven Lakhs Eighty Nine Thousand Six Hundred and Six) Equity shares of Rs.10 (Rupees Ten) each fully paid up and 19,92,10,394 (Nineteen Crore Ninety Two Lakhs Ten Thousand Three Hundred and Ninety Four) 8.5% Non-Convertible Cumulative Redeemable Preference Shares of Rs.10 (Rupees Ten) each fully paid up shall be reduced to Rs. 41,83,39,250 (Rupees Forty One Crore Eighty Three Lakhs Th....

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....y One Lakhs Three thousand Nine Hundred and Forty Only) bearing distinctive number 1 to 19,92,10,394, by adjusting against the debit balance of Profit & Loss Account aggregating to Rs. 2,37,08,69,231.25 and by paying an aggregate cash consideration of Rs.6,07,91,518.75 to equity and preference shareholders and pursuant to extinguishing the paid up Equity and Preference Share Capital and payment of....

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....requirements, if any, as required under the Companies Act, 1956 and the Rules made thereunder. 6. No objector has come forward to oppose the proposed reduction. Since the requisite statutory procedure has been fulfilled, the Company Scheme Petition is made absolute in terms of prayer clauses (a) and (b). 7. Filing and issue of drawn up order is dispensed with. 8. All concerned parties to ....