MINACS LIMITED Vs. NIL

JUDGEMENT

(1.) The petitioner is before this Court seeking approval of this Court to the resolution passed by the petitioner-company to reduce the share capital of the company.

(2.) This Court at the first instance by its order dated 25.09.2014, on taking note of the fact that the petitioner-company does not have any secured creditors had allowed the application filed herein. Accordingly, the filing and settling of the list of creditors was dispensed. On the same day, this Court had also directed that the petition be advertised in the newspapers viz., 'The Hindu' English daily and in 'Udayavani' Kannada daily. The publication has been carried out and the same is filed before this Court which has already been taken on record. The petition had thereafter been adjourned to provide an opportunity to the persons who may wish to approach this Court, if they have any objection for considering this petition. It is in that view, the petition has been listed today for consideration.

(3.) Heard the learned senior counsel appearing on behalf of the petitioner and perused the petition papers.