IN RE: MEENA STEELS LTD. Vs. STATE

JUDGEMENT

(1.) This is a petition filed under Ss. 100 to 105 of the Companies Act, 1956 (in short the 1956 Act) read with rules 11(1)(a)(3) and 46 of the Companies (Court) Rules, 1959 (in short the Rules) along with Sec. 66 of the Companies Act, 2013 (in short the 2013 Act). In brief, the petitioner -company seeks approval of this court qua the special resolution passed at the extraordinary general meeting of its shareholders, convened on December 6, 2014, wherein, it was resolved that its (fully) paid -up share capital be reduced to the extent it reflected the interest of "public shareholders".

(2.) The petitioner -company in this behalf avers that the public shareholders constitute 5.47 per cent of its total paid -up share capital which, in real terms comprises of 2,43,470 equity shares of a face value of Rs. 10 each.

(3.) Therefore the position which obtains as on September 30, 2014, and which I am told, continues to hold, is as follows: