IN RE Vs. NAVIS CAPITAL (INDIA) PRIVATE LIMITED

JUDGEMENT

(1.) Petition Admitted.

(2.) Petition is fixed for hearing on 18th April, 2018.

(3.) The learned Counsel for the Petitioner Company submits that this petition is for confirmation of a special resolution passed by equity shareholders of the Petitioner Company for reduction of its equity share capital by reducing the paid-up equity share capital from Rs. 15,714,000/- (Rupees One Crore Fifty Seven Lakhs Fourteen Thousand only) consisting of 1,571,400/- (Fifteen Lakh Seventy One Thousand Four Hundred) equity shares of Rs. 10/- each, fully paid up to Rs. 7,44,000/- (Rupees Seven Lakhs Forty Four Thousand only) consisting of 74,400 (Seventy Four Thousand Four Hundred Only) equity shares of Rs. 10/- each fully paid up by cancellation and reduction of 14,97,000 (Fourteen Lakhs Ninety Seven Thousand) Equity Shares of Rs. 10/- each fully paid up. The reduction is effected by returning capital to Navis Manager Investment HoldCo limited of an aggregate amount not exceeding Rs.20,419,080 (Rs. Two Crores Four Lakhs Nineteen Thousand and Eighty Only) i.e., at a price of INR 13.64 per share. The difference between the face value of shares so cancelled and the amount to be paid to the members shall be adjusted against the Securities Premium account appearing in the books of account of the Petitioner Company. The said special resolution was passed by the Petitioner Company in its Extra Ordinary General Meeting held on 28th November, 2017.