VANTECH INDUSTRY LTD., IN RE Vs. ABC

JUDGEMENT

(1.) Heard the learned counsel for the petitioner.

(2.) This petition is filed by the petitioner herein for reducing the share capital under section 101 of the Companies Act, 1956.

(3.) On perusal of the record, it shows that-the company was carrying on business of manufacturers, producers, refiners, processors, miners, exporters, importers, buyers, and sellers of and dealers in all kinds of pesticides including insecticides, weedicides and fungicides and their formulations, intermediates, derivatives, related compounds and basic industrial and agricultural chemicals. The initial capital of the company was Rs. 5,50,00,000 divided into 55,00,000 equity shares of Rs. 10 each of which 52,83,800 shares have been issued and of which 51,84,100 shares have been fully paid up and the balance 99,700 shares have been paid up to the extent of Rs. 5 per share.