IN RE Vs. FUNCTION SPACE LABS PVT LTD

JUDGEMENT

(1.) That the Petition under consideration is transferred from the Hon'ble High Court, now listed for hearing before NCLT, Mumbai Bench, moved under section 100 to 104 of the Companies Act 1956 seeking permission for reduction of Share Capital. Pursuant to the special resolution passed by the members of the Petitioner Company on 20th of July 2016 in terms of section 100 of the Act, the Petitioner Company proposes to reduce its existing issued, subscribed and paid up equity share capital of Rs. 68,010 (consisting of 6801 equity shares of Rs. 10/- each fully paid up be reduced to Rs. 40/- (consisting of 4 issued, subscribed and paid-up equity shares of Rs. 10/- each fully paid up) and that such reduction be effected by cancelling and extinguishing 6,797 issued, subscribed and paid up equity shares of Rs. 10/- each fully paid up which are held by the Nexus Ventures III Ltd. in exchange for cash consideration of Rs. 7120/- per share amounting to Rs. 4,83,94,640/-. Such consideration has been arrived in accordance with the valuation done by the Chartered Accountant as prescribed under the Indian exchange control regulations.

(2.) At the outset Learned Representative Mr. Hemant Sethi, Advocate appearing on behalf of the Petitioner has stated that vide an order of 2nd December 2016 in the case of the Petitioner listed as Company Summons for Direction No. 918 of 2016 held as under:-

(3.) The Learned Representative has also furnished a letter on behalf of the unsecured creditor dated 20th of March 2017 wherein it was declared "No Objection" as under:-