OM METALS MINERALS LTD Vs. STATE

JUDGEMENT

(1.) THE petitioner M/s. Om Metals and Minerals Limited, a company registered under the provisions of Companies Act, 1956 (hereinafter referred to as the Act of 1956), having its registered office at Kothari Bhawan, 30 -31, New Grain Mandi, Kota, filed this petition under Section 101 of the Act of 1956 for confirmation of the reduction of Share Capital.

(2.) IN the petition the petitioner prays that reduction of capital resolved on by the special resolution set out in para 8 of the petition be confirmed, that to this end all inquiries and directions necessary and proper be made and given; that the proposed minute be approved; and that such further or other orders may kindly be made in the premises as to the Court may deem fit in the interest of the company and its shareholders.

(3.) THE authorised capital of the company is Rs. 8,00,00,000 (Rs. eight crores) divided into 80,00,000 equity shares of Rs. 10 each of which 67,86,300 equity shares have been issued and out of issued share capital 48,44,000 shares have been fully paid up and 19,42,300 shares have been paid up ranging from Rs. 12.50 to Rs. 25 per share, the details of which are given in Schedule 'A' appended to the petition.