IN RE Vs. JUBILANT CLINSYS LIMITED

JUDGEMENT

(1.) The instant application is filed by the applicant Jubilant Clinsys Limited, before this Tribunal under the provision of Section 66 of the Companies Act, 2013 by seeking following reliefs:

(2.) The Petitioner Company was incorporated as a public company under the name of Jubilant Clinsys Limited on August 30, 2004. The Company is a scientifically focused contract research organization and is currently engaged in (a) providing pharmaceutical and biotechnology companies with services in support of Phase - I - IV drugs and providing services relating to data management/EDC, medical affairs, regulatory services etc.

(3.) It is stated that the Petitioner Company proposes to reduce its share capital by extinguishing and cancelling its Preference Shares, which have aggregate paid up value of Rs. 27,05,00,000; the Company proposes to pay Rs. 27,05,00,000 to the holders of 2,70,50,000 Preference Shares as on March 31, 2016.