IN RE: DION GLOBAL SOLUTIONS LIMITED Vs. STATE

JUDGEMENT

(1.) THE present petition and the connected applications have been filed under sections 100 -103 of the Companies Act, 1956 (for short 'Act') by the Petitioner Company seeking approval of this Court to the proposed reduction of share capital and reserves as resolved by its Board of Directors in the meeting held on 28.05.2012 and also by Members of the Company on 05.07.2012. The registered office of the Petitioner Company is situated within the National Capital Territory of Delhi and is within the jurisdiction of this Court.

(2.) THAT the present petition was filed on 01.10.2011, in which this Court vide its order dated 18.10.2011 dispensed with the requirement of section 101(2) of the Act. Thereafter, in view of the change in the capital structure of the Petitioner Company vis -à -vis the capital structure presented in the Company Petition No. 431 of 2011 and in order to modify the earlier resolution passed by the Board of Directors and Members, the Petitioner Company filed the Company Application No. 1498 of 2012 for obtaining confirmation of this Court to the resolution passed by the Members of the Petitioner Company on 05.07.2012 for reduction of share capital and reserves against the accumulated losses as appearing in the books of accounts of the Petitioner Company as at March 31, 2012.

(3.) DETAILS with regard to the date of incorporation, registered office and authorized, issued, subscribed and paid up share capital of the Petitioner Company have been given in the Petition and the connected application.