IN RE Vs. RS LIVEMEDIA PRIVATE LIMITED

JUDGEMENT

(1.) The instant application has been filed by the applicant R.S.Livemedia Private Limited under the provisions of Section 66 of Companies Act, 2013 seeking reliefs, inter alia for confirmation of the reduction of capital on the basis of a special resolution set out in paragraph 13 of the Petition and that the proposed minute be approved and for such further or other orders be made by the Tribunal as it deems fit.

(2.) In respect of the prayers above, the applicant has made an averment to the effect that on 2nd January,2018 a Special Resolution was passed by the shareholders of the applicant company at the Extraordinary General Meeting held at the registered office of the Company under Section 66 of the Companies Act, 2013 whereby the share capital of the applicant company has been consented to be reduced by way of extinguishment and cancellation of 40,00,000 (Forty lakhs only) Equity Shares of Rs.1/- (Rupee One only) each fully paid up out of the total existing paid up Equity Share Capital of the Company of Rs.75,00,004/-(Rupees Seventy five lakhs and four only) divided into 75,00,004 (Seventy five lakhs and four) Equity Shares of Rs.1/-(Rupee one only) each fully paid up and that such reduction is to be effected by returning capital to the shareholder of the company of an aggregate amount of Rs.12,00,00,000 (Rupees Twelve Crores only) and the difference between the face value of the shares so cancelled and the amount to be paid to the members shall be adjusted against the Securities Premium Account.

(3.) It is further averred in para 14 of the application that the Applicant Company has 3 (three) equity shareholders as on 2nd January,2018. A list of equity shareholders of the Applicant Company is annexed and marked as Annexure-G. It is further averred that the Extra Ordinary General Meeting of the Applicant Company was attended by all the three shareholders holding 100% of the share capital of the Applicant Company. All the said equity shareholders present at the said meeting have casted their votes in favour of the aforesaid resolution.