IN RE: SUNDARAM INVESTMENT LIMITED Vs. STATE

JUDGEMENT

(1.) THIS petition is filed under Sections 100 to 105 of the Companies Act, 1956 for reduction of the petitioner's equity share capital as approved by the equity shareholders of the petitioner company and to approve the form of minute to the effect that,

(2.) THE petitioner carries on business of trading and investment activities of all kinds and also act as technical advisors or consultants etc., The nature of business carried on and the object of the company is detailed in the Memorandum and Articles of Association, marked as Annexure -1. Share capital of the Company as on 31st March 2014, is as follows: - -

(3.) IN Comp. A. No. 1147 of 2014, the petitioner has sought for permission to dispense with the procedure of settlement of list of creditors and dispense with notice to creditors. Since the reduction of share capital does not involve the diminution of any liability in respect of unpaid capital and will neither affect its creditors, since it does not amount to repay any fund to any one nor shall affect the liquidity of the Company, Vide order dated 03.12.2014, this Court has dispensed with the settlement of the list of creditors and dispensed with notice to the creditors.