IN RE Vs. NETWORK LTD

JUDGEMENT

(1.) This is a Petition which is filed by the Petitioner above-named for the purpose of confirmation of reduction of its equity share capital. The Petition was originally filed in the Hon'ble High Court of Delhi under the erstwhile provisions of Companies Act, 1956 and the matter was listed before it on 07.12.2016. The Hon'ble High Court on the said date was pleased to direct that notice of the Petition be issued to the Registrar of Companies as well as Regional Director and also direct the Petitioner to carry out publication in the newspapers "Statesman" in English and "Veer Arjun" in Hindi both Delhi Edition. The proceedings as above pending before the Hon'ble High Court of Delhi in view of Section 66 of the Companies Act, 2013 having been notified by the Central Government vide Notification No. 3677E : MANU / DCAF/0147/2016 dated 07.12.2016 effective from 15.12.2016 as well as the Rules titled as "National Company Law Tribunal (Procedure for Reduction of Share Capital of Companies) Rules, 2016" having also been notified, the Hon'ble High Court vide its Order dated 15.02.2017 has transferred the instant Petition as well as transmitted the records connected therewith to this Tribunal which in view of all the above is now vested with the powers to consider matters concerning Reduction of Share Capital.

(2.) Subsequent to the transfer, the matter came up before us on 23.03.2017 for hearing and the Counsel for the Petitioner represented that the report of the Regional Director/Registrar of Companies has been filed as directed by the Hon'ble High Court. The Learned Counsel for the Petitioner took us through the Petition and represented that:

(3.) The Board of Directors of the company is said to have approved the reduction of the paid up equity share capital of the Petitioner Company on 16.05.2016 and further it is also seen that the same has been approved by the Equity Shareholders in the Extra Ordinary General Meeting held on 28.09.2016 vide Special Resolution passed there at. Subsequently, the Company Petition before the Hon'ble High Court seems to have been preferred.