PRASHANTH TEXTILES PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) This petition is filed under Sections 100 and 101 of the Companies Act, 1956, Section 52 of the Companies Act, 2013 read with Rule 11(a)(3) and Rule 46 of the Companies Court Rules, 1959, for confirming the reduction of paid up share capital; and that to this end, all enquiries and directions necessary and proper be made and given, and for approving the proposed minute to the effect that,

(2.) The petitioner company is presently carrying on the business of conversion of cotton into yarn. The nature of business carried on and the object of the petitioner company is detailed in the Memorandum of Association. Certified copy of the Certificate of incorporation and the Memorandum and Articles of Association is filed as Annexure -1. A copy of the Audited Accounts for the year ending 31st March 2014 is filed as Annexure-2. A copy of the Audited Accounts for the year ending 31st March 2015 is filed as Annexure-3.

(3.) On 29.05.2015, the Members of the petitioner company convened an Extraordinary General Meeting and resolved to reduce the share capital, share premium and capital reserves. A copy of the notice convening the Extraordinary General Meeting on 29.05.2015 is filed as Annexure-4. The certified copy of the extracts of minutes of the Extraordinary General Meeting of the Company held on 29.05.2015 is marked as Annexure - 5. In the Extraordinary General Meeting held on 29.05.2015, the shareholders of the petitioner company unanimously passed the special resolution approving the reduction of share capital, share premium and capital reserves. Special resolution passed in the Extraordinary General Meeting held on 29.05.2015, reads as follows:-