TaxTMI 
TaxTMI 
2014 (4) TMI 1320
X X X X Extracts X X X X
X X X X Extracts X X X X
....(Rupees Forty Four Lakhs Ninety five Thousand only) consisting of 4,49,500 (Four Lakhs Forty Nine Thousand Five Hundred) equity shares of Rs. 10/- (Rupees Ten) each. At the date of registration of this minute the company shall extinguish 3,99,500 (Three Lakhs Ninety Nine Thousand Five Hundred) equity shares forming part of the paid-up equity share capital." 2. A copy of the last audited annual accounts as on 31.3.2013 is marked as Annexure B. It is stated that the name of the company was changed from Comtec Components Private Ltd., to Comtec Components Limited after becoming a deemed public company with effect from October 11, 1991 and, consequently a fresh certificate of incorporation consequent on the change of name was issued. The comp....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the debit balance in Profit and Loss Account representing the face value of Rs. 10/- (Rupees Ten only) per share and, thereby extinguishing all 3,99,500 (Three Lakhs Ninety Nine Thousand Five Hundred only) equity shares which is lost and is unrepresented by available assets. It is further submitted that after the proposed reduction the company's equity share capital by adjusting with debit balance and Profit and Loss account, the company's financial statements will exhibit more realistic picture of the financial position of the company. Further the company has no secured or unsecured creditors and, hence, there is no question of interests of the company's creditors to be adversely affected. 3. On 21.10.2013, the Board of Direc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....usand Five Hundred only) equity shares which is lost and is unrepresented by available assets." 4. The resolution passed in the minutes of the said meeting are also enclosed to this petition. It is also stated by the petitioner that as the reduction of capital does not involve any cash outflow, the same will not affect the normal operations of the company or its ability to honour its commitments in the ordinary course of business. Further, the company has also no secured or unsecured creditor and therefore, there is no question of interests of the company's creditors to be adversely affected. In the light of the resolution passed unanimously approving the reduction of capital, this petition is filed before this Court for approval of t....