The High Court examined an application seeking dispensation from the procedure under Section 101(2) of the Companies Act, 1956 for the reduction of equity share capital, noting that the reduction did not involve diminishing unpaid liabilities or paying shareholders.
Dispensation from the procedure under Section 101(2) of the Companies Act, 1956 was granted.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION NO. 184 OF 2012
In The Matter of Companies Act, 1956;
AND
In the matter of Section 100 to 104 of Companies Act, 1956;
AND
In the matter of CRYSTAL LACE (INDIA) LIMITED.
AND
In the matter of Reduction of Equity Share Capital;
CRYSTAL LACE (INDIA) LIMITED, ) a Company registered under the Companies ) Act, 1956 and having its Registered Office at ) Plot No. 27, T.T.C. Industrial area, M.I.D.C ) Mhape Village, Navi Mumbai, Thane- 400 710. ) ..Applicant
Called Summons for Direction
Coram: S. J. Kathawalla, J. Date : 22nd March, 2012
Mr. Sanjay Udeshi i/b M/s. Sanjay Udeshi & Co., Advocates for the Applicant.
MINUTES OF ORDER
UPON THE APPLICATION of the abovenamed Applicant by a Summons for Direction AND UPON HEARING Mr. Sanjay Udeshi instructed by M/s Sanjay Udeshi & Co., Advocates for the Applicant Company AND UPON READING
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the Affidavit dated 2nd February, 2012 of Mr. Harshvardhan Bassi, Director of the Applicant Company in support of Summons for Direction AND the Applicant Company having passed a Special Resolution at the Extra Ordinary General Meeting of its Equity Shareholders held on 4th August, 2012 and in view of the averments made in paragraph 17 of the said Affidavit, inter alia, stating that the reduction of share capital does not involve either diminution of any liability in respect of unpaid share capital or payment to shareholders of any paid up share capital of the Applicant Company, the provisions of and the procedure prescribed under Section 101(2) of the Companies Act, 1956 is dispensed with.
1 issue framed by the court
Whether the provisions and procedure under Section 101(2) of the Companies Act, 1956 can be dispensed with in a case of reduction of equity share capital not involving diminution of unpaid liability o
1 provisions across 1 enactments
CRYSTAL LACE (INDIA) LIMITED
S. J. Kathawalla
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
