Allowed

Ashoni Financial Services Privated Limited. Vs

Bombay HC19 Nov 2010CSP/612/2010

Case brief

AI extract

What is this about?

Ashoni Financial Services Private Limited applied for sanction to reduce share capital following shareholder approval. The Court accepted compliance undertakings, noted absence of opposition, and granted the petition absolving order, directing publication of notices.

What did the court decide?

Petition made absolute; company directed to publish notices in specified newspapers and Gazette.

Ashoni Financial Services Privated Limited. Vs — Company and Corporate | Bombay HC (2010)

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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 SCHEME PETITON NO. 612 OF 2010

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CONNECTED WITH

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COMPANY SUMMONS FOR DIRECTION NO.665 OF 2010

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In the matter of Sections 78, 80, 100, 101 to 103 and 105 of the Companies Act, I of 1956.

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AND

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In the matter of reduction of share capital of Ashoni Financial Services Private Limited

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Ashoni Financial Services Private ) Limited, a Company incorporated under ) the provisions of the Companies ) Act, I of 1956 having its registered ) office at 3\4 ,Temple Bell’s 37, K.M. ) Munshi Marg, Mumbai- 400007. ) ……….. Petitioner Mr. B. B. Parekh with Ms. G. B.Shah Advocates for Petitioner

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CORAM: S. J. Vazifdar, J.

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DATE: 19^th November, 2010

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P C:

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Heard learned counsel for the Petitioner.

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The sanction of the Court has been sought for the reduction of share capital as approved by a Special Resolution passed by the Shareholders of the Petitioner Company at an Extra Ordinary General Meeting held on 21^st July, 2010.

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The reason for reduction of share capital is stated in paragraph 8 of the Petition.

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An order of dispensation of the procedure under section 101(2) of the Companies Act, 1956 was passed by this Court on 15^th October, 2010 in the Company Summons for Direction No. 665 of 2010.

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Counsel appearing on behalf of the Petitioner states that they have complied with all statutory requirements as per 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. The undertaking is accepted.

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None of the parties concerned have come forward to oppose the proposed reduction of share capital. Since, the requisite statutory procedure has been fulfilled; the Petition is made absolute in terms of prayer clause (a) and (c).

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All concerned parties to act on a copy of this order along with the Form of Minutes annexed to this 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, within 21 days from the date of registration.

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(S. J. Vazifdar, J.)

Ashoni Financial Services Privated Limited. Vs

Case brief

What is this about?

What did the court decide?

Ashoni Financial Services Privated Limited. Vs

Case brief

What is this about?

What did the court decide?

What the court decided

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