STARWOOD CAPITAL INDIA ADVISORS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) PETITION admitted.

(2.) PETITION fixed for hearing on 13th day of June, 2014.

(3.) THE Counsel for the Petitioner states that Article 12 of the Articles of Association authorizes the Petitioner to reduce its share capital and the Petitioner has passed Special Resolution in its Extraordinary General Meeting of its Equity Shareholders held on 11th February, 2014 being Exhibit 'E -1' to the Company Scheme Petition, with requisite majority approving the proposed reduction of the issued and paid up equity share capital of the company proportionately from Rs. 1,71,30,000/ - (Rupees One Crore Seventy One Lakhs Thirty Thousand only) divided into 17,13,000 (Seventeen Lakhs Thirteen Thousand) Equity Shares of Rs.10/ - (Rupees Ten) each to Rs.1,00,000/ - (Rupees One Lakh) consisting of 10,000 (Ten Thousand) Equity Shares of Rs.10/ - (Rupees Ten) being in excess of requirements by paying off an aggregate sum not exceeding Rs. 91,11,050/ - (Rs. 5.35 per share) as determined by the valuer proportionately to the holder of 17,03,000 (Seventeen Lakhs Three Thousand) Equity Shares of Rs.10/ - (Rupees Ten) for the aforesaid reduction of capital and that there are no secured, unsecured or trade creditors of the Petitioner Company hence the procedure prescribed under Section 101(2) of the Companies Act, 1956 has been dispensed with in pursuance of order dated 9 th May 2014 passed in Company Summons for Direction No. 388 of 2014.