HYDERABAD INDUSTRIES LIMITED Vs. STATE

JUDGEMENT

(1.) The petitioner in Company Petition No. 169 of 2003 is the appellant in this appeal preferred under Clause 15 of the Letters Patent and Section 483 of the Companies Act, 1956 (for short the Act) against the order dated 27-4-2004 of the learned Company Judge dismissing the application filed under Section 100 read with Section 78 of the Act.

(2.) The appellant herein filed the petition seeking the relief of confirmation of adjustment of share premium against the permanent loss in value of investment made by it in Nepal Metal Company Limited ('NMCL' for brevity) as approved by Special Resolution by the Annual General Meeting of the shareholders of the company.

(3.) The learned Company Judge after an elaborate consideration of the matter rejected the application and accordingly refused the approval/confirmation of the resolution passed by the Annual General Meeting.