REDUCATION OF SECURITIES Vs. ZEE TELEFILMS LIMITED

JUDGEMENT

(1.) THE present company petition has been filed by zee Telefilms Ltd. , having its registered office at continental building 125, Dr. Annie Beasant Road, Worli, Mumbai, for the purpose of reduction fo Securities Premium Account of Zee Telefilms Ltd. by invoking the provision of sections 78 and 100 to 104 of the Companies Act, 1956 (for short "companies act") and the company (Court) Rules (for short "rules" ).

(2.) THE details of the authorised, issued, subscribed and paid-up capital of the petitioner company as on 31st March, 2004, i. e. the last audited balance sheet along with the unaudited balance sheet of the petitioner company for the period 31st December, 2003 is reproduced in paragraphs 5 and 6 of the petition.

(3.) AS per the objects of the petitioner-company, as set out in their memoandum of association, they have an authority and power to reduce the share capital in case of urgency, need of exigency, within the framework of their Memorandum of Association, specially Article 43 of the Articles of association.