SADBHAV REALTY PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) The present petition is filed by the petitioner, seeking sanction of the proposed reduction of Paid -up Equity Share Capital of the Company as per the provisions of Sections 100 to 104 of the Companies Act, 1956. it is stated that the shareholders of the petitioner -company have already passed a Special Resolution in their Extra Ordinary General Meeting held on 21.4.2016, resolving to reduce and cancel part of the Equity Share Capital of the Company.

(2.) It is stated that the Authorized Share Capital of the petitioner company is Rs. 22,00,00,000/ - divided into 2,20,00,000 equity share of Rs.10 each as at 31.3.2016. The Issued, Subscribed and Paid -Up Equity Share Capital of the Company as at 31.3.2016 is Rs. 21,39,75,000/ - divided into 2,13,97,500 equity shares of Rs. 10/ -each.

(3.) It is submitted that the petitioner company has passed a Board Resolution in their meeting held on 8.4.2016, resolving to reduce the Issued, Subscribed and Paid -up Equity Share Capital of the Company to the extent of Rs.21,39,75,000/ - divided into 2,13,97,500 equity shares of Rs.10/ - each fully paid up. It is further stated that Article 5 of the Articles of Association of the Company authorizes the Company to reduce its Paid -up Capital.