2016 (12) TMI 1919

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...., 2016. 3) Learned Counsel for the Petitioner submits that Article 8 of the Articles of Association of the Petitioner Company empowers the Petitioner Company to reduce its Share Capital, inter alia, from time to time in any manner for the time being authorised by law AND the Petitioner Company having passed Special Resolution with unanimous consent at its Extraordinary General Meeting held on 11th November, 2016 being Exhibit F to the Company Scheme Petition, approving the reduction of the issued, subscribed and paid- up share capital of the Company from Rs. 40,31,36,240/- (Rupees Forty Crores Thirty One Lakhs Thirty Six Thousand Two Hundred and Forty Only) divided into 34,63,624 (Thirty Four Lakh Sixty Three Thousand Six Hundred and Twent....

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....ective extinguishment and cancellation of the fully paid up equity shares and preference shares respectively held by them as mentioned hereinabove AND in view of the averment made in paragraph 17 of the Company Scheme Petition inter alia stating that there is one (1) Secured Creditor of the Petitioner Company and fifty one (51) Unsecured Creditors AND in view of the averments made in paragraphs 18 and 20 of the Company Scheme Petition wherein it is further inter alia stated that the proposed capital reduction does not affect or prejudice the interests of its creditors and does not involve the diminution of liability in respect of unpaid equity and preference share capital or payment to any equity and preference shareholder of any paid up eq....