BELL CERAMICS LIMITED Vs. STATE

JUDGEMENT

(1.) THE present application is preferred by the applicant company for convening of the meeting of the equity shareholders for consideration of the scheme for reduction of the share capital and it is also prayed that since there is sole preferential shareholder who has consented to the scheme, the meeting of the preferential shareholder may be dispensed with.

(2.) AS regards the preference shareholder is concerned, he has already consented to the scheme for reduction of the share capital and the consent letter is produced at page 28.

(3.) MR. Majmudar, learned counsel for the applicant has placed on record the certificate of the Chartered Accountant K. C. Mehta and Co. for showing the position of the paid up share capital of the company which includes the preference shares of 1,50,00,000. 00 held by only one preference shareholder. Under these circumstances, it may not be required for the company to convene the meeting of the preference shareholder. Hence, the meeting of preference shareholder for consideration of the scheme for reduction of the share capital is dispensed with.