INDIA INFOLINE LTD Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) THIS petition has been filed by the Company namely India Infoline Ltd. (for Short "petitioner Company"), having its registered office at Building Complex, No. 24, Nirlon complex, Off Western Express Highway, Goregaon (E), Mumbai- 400 063, under section 78 and 100 to 104 of Companies Act r/w 46 to 65 Companies Rules, 1959 (for Short Rules") (for short "companies Act"), for the utilisation of the Securities Premium Account for writing off accumulated losses and reduction of equity shares capital of India Infoline Ltd.

(2.) THE shares of the Petitioner Company are not listed on any stock exchange. The petitioners Company have three subsidiary companies; India lnfoline Securities Private Ltd. , India Infoline. com Distribution Company Ltd. and India Infoline Insurance Services Ltd. The petitioner company is a member of National Stock Exchange of India and has its SEBI registration No. INB 231097537. The company are Depository Participant/member of the National Securities Depository Limited. The Petitioner Company provides facilities to retail investors for being and selling of shares listed on the NSE, as well as, the BSE on the petitioners' website; www. 5paise. com. The Company have offices in over 50 locations in India and employed over 500 employees.

(3.) THE financial position of the Company, as on 1st April, 2003, based on the audited account, Unaudited balance sheet and profit and loss account for the year ended 30th September, 2003 is on record. The authorised share capital of the petitioner, company, as on 31st March, 2003 is Rs. 35,00,000, comprising of 3,50,00,000 equity shares of Rs. 10/- each. The issued, subscribed and paid up equity share capital of the petitioner Company is Rs. 26,42,18,620 comprising of 2,64,21,862 shares of Rs. 10/- (Rupees Ten only) each. As on date there is no change in capital structure of the petitioner company.