VIBGYOR SCIENTIFIC RESEARCH PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) THE present petition is for sanctioning the proposal for reduction of the company's paid up share capital, amounting to Rs. 1,33,00,000/- made up of Rs. 13,30,000/- equity shares of Rs. 10/- each fully paid to Rs. 53,20,000/- made up of Rs. 13,30,000/- equity shares of Rs. 4/- each and consequently, the company is desirous to refund pro rata amount of already paid up on those shares to the shareholders.

(2.) AS per the certificate of the Chartered Accountant, Kantilal Patel and Co. , dated 11. 5. 2009, copy whereof is produced at Annexure "g", there are no creditors, both secured and unsecured of the Company, whose amount is outstanding. As a result thereof, the procedure under Section 101 of the Act may not be required.

(3.) IN the present proceedings, vide order dated 12. 5. 2009, when the petition was admitted, this Court had directed the publication of the advertisement in English daily, Indian Express and Gujarati daily, Lok Satta Jan Satta, both Ahmedabad Editions. The affidavit has been filed dated 15. 6. 2009 by Dr. Keyur Parikh together with the copy of the newspaper page for publication of such advertisement in both the newspapers. Further, the affidavit is also filed today by Dr. Bina Naik, Director of the Company dated 24. 6. 2009, stating that in response to the advertisement, no objections are received by the company or its advocate against proposed reduction of the paid up share capital.