INDIA VALUE FUND ADVISORS P. LTD. Vs. STATE

JUDGEMENT

(1.) THIS petition is presented under Sections 100 to 105 read with Section 78 of the Companies Act, 1956, inter alia, praying for approval of this Court for the proposed reduction of share capital of the petitioner -company as resolved by the board of directors of the company in special resolution passed in extraordinary meeting held for the purpose on November 26, 2008, as permitted by Article 5 of the articles of association of the petitioner -company. The procedure prescribed under Section 101(2) of the Companies Act, 1956, is dispensed with in this matter, in view of the averments made in affidavit -in -support of Company Application No. 1680 of 2008.

(2.) THE petition is admitted.

(3.) THE Regional Director on receipt of the notice is expected to take such measures as may be required for issuance of certificate in consultation with appropriate authorities and submit that certificate to the Company Registrar well before the next date of hearing and final disposal of the petition. Depending on that report, further orders can be passed in this matter. Therefore, the petitioner is directed to issue 28 clear days notice directly to the Government of India, through the Regional Director, Western Region.