IN RE: SKYWEB INFOTECH LTD. Vs. STATE

JUDGEMENT

(1.) PRESENT petition has been filed under Sections 101 to 104 of the Companies Act, 1956 for confirming the reduction of share capital of the petitioner -company namely M/s Skyweb Infotech Ltd. Article 52 of the Articles of Association of the company permit the petitioner company to reduce its share capital.

(2.) IT is stated that the petitioner company seeks to reduce the paid -up share capital of the petitioner company from Rs. 1,20,00,000/ - to Rs. 70,00,000/ - by reducing the unlisted equity share capital of the company of Rs. 50,00,000/ - consisting of 5,00,000 equity shares having face value of Rs. 10/ - each.

(3.) AS per the last audited balance sheet of the company i.e. for the period ended 31st March, 2012, the petitioner company has NIL secured creditors. There are five unsecured creditors in the sum of Rs. 9,84,26,046/ -. The five unsecured creditors have consented to the reduction of share capital as the interest of the creditors has not been affected by the proposed reduction of capital. M/s. KSJ & Co. Chartered Accountant has given their certificates dated 15.09.2012 certifying the position of the secured and unsecured creditors of the petitioner company as on 01.08.2012. List of unsecured creditors along with the certificate of the Chartered Accountant is annexed along with the petition as Annexure P -9. The consent of the unsecured creditors is annexed as Annexure P -10.