Allowed

Midas Pharmasec Limited v. --------------------------------------------

Bombay HC8 Aug 2008CP/357/2008

Case brief

AI extract

What is this about?

The Bombay High Court sanctioned the reduction of equity share capital of Midas Pharmasec Limited. The court found that all statutory requirements under the Companies Act, 1956 were fulfilled, a special resolution was passed, and no objection was raised against the reduction.

What did the court decide?

The petition is made absolute for the reduction of equity share capital, with directions to publish notices in prescribed newspapers and the government gazette.

Midas Pharmasec Limited Vs… — Company and Corporate | Bombay HC (2008)

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-: 1 :-

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY PETITION NO.357 OF 2008

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CONNECTED WITH

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COMPANY APPLICATION NO. 559 OF 2008.

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In the matter of the Companies Act, 1956 (I of 1956);

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AND

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In the matter of Sections 100 to 104 of the Companies Act, 1956; AND

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In the matter of Reduction of Equity Share Capital Account of

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MIDAS

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PHAMRASEC LIMITED

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MIDAS PHAMRASEC LIMITED ..........Petitioner Company.

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Mr.Rajesh Shah i/b Rajesh Shah & Co. for the petitioner.

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Mr.C.J. Joy i/b Mr. S.K. Mohapatra for Regional Director in C.P. No. 357 of 2008

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CORAM: S. A. Bobde, J.

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DATE : 8^th August, 2008

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PC:

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Heard learned counsel for the parties.

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The sanction of the Court has been sought for the Reduction of Equity Share Capital as approved in a Special Resolution passed by the Equity Shareholders of the Petitioner Company at an extraordinary general meeting held on 27^th March, 2008.

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The reasons for reduction of Equity Share Capital are stated in paragraph 5 of the Petition.

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An order of dispensation of the procedure under Section 101(2)

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-: 2 :-

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of the Companies Act, 1956 was passed by this Court on 11^th April, 2008 in the Company Application No.559 of 2008.

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Counsel appearing on behalf of the Petitioner states that they have complied with all the statutory requirements as per the directions of this Court and they have filed necessary affidavit of compliance in the Court. Moreover, Petitioner Company also undertakes to comply with Statutory requirements, if any, as required under the Companies Act, 1956 and the rules made thereunder.

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The Regional Director has filed Affidavit stating therein that the reduction is not prejudicial to the interest of creditors, shareholders and public.

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None of the parties concerned have come forward to oppose the proposed Reduction of Equity Share Capital. Since the requisite statutory procedure has been fulfilled, the Petition is made absolute in terms of prayer clauses ( a ) and ( b ).

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All concerned parties to act on ordinary copy of order and the form of minutes annexed as Exhibit - 'E' to the Petition, duly authenticated by the Company Registrar , High Court, Bombay

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Petitioner to publish notices in the same newspapers i. e. “Free Press Journal” in English and “Maharashtra Times” in Marathi and also in the Maharashtra Government Gazette about registration of Order and minutes of reduction by the concerned Registrar of Companies, Mumbai.

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(S. A. Bobde, J.)

Midas Pharmasec Limited v. --------------------------------------------

Case brief

What is this about?

What did the court decide?

Midas Pharmasec Limited v. --------------------------------------------

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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