FIDELITY BUSINESS SERVICES INDIA PRIVATE LIMITED Vs. NIL

JUDGEMENT

(1.) The petitioner - Company has filed this petition praying for reduction of capital as resolved by the Special Resolution dated 7-8-2015.

(2.) It is stated, the petitioner Company was registered on 17.05.2002 as Company Limited by sharers as Fidelity Information System Company India Private Limited. Subsequently, the name was changed into Fidelity Business Services India Private Limited. Thereafter, the place of registered office was shifted from Delhi to Karnataka.

(3.) It is stated, the petitioner - Company is carrying on the business of information technology and information technology enabled services (IT and ITES). The Board of Directors of the Petitioner- Company at the meeting held on 23.7.2015 have resolved that the paid-up share capital of the petitioner - Company be reduced from Rs. 30,00,00,000/- to Rs. 18,00,00,000/- by canceling 1,20,00,000 equity shares of Rs. 10/- each and pay a sum of Rs. 148.56 per share against shares cancelled. The total amount paid out to the shareholders would be Rs. 178,27,20,000/- by utilizing a sum of Rs. 101,54,74,626/- from the securities premium account. The remaining amount of Rs. 64,72,45,374/- would be paid from out of the General Reserve and Profit and Loss Account of the Company to the shareholders. Pursuant to the payments being made to the shareholders, the securities premium account will be reduced from Rs. 101,54,74,626/- to nil.