Allowed

Wisdom Equities Management Private Limited Vs

Bombay HC15 Feb 2013CSD/174/2013

Case brief

AI extract

What is this about?

Single judge order granting directions for reduction of equity share capital by cancelling 37,540 shares and returning Rs. 550 per share, dispensing with Court-approved procedure under Section 101(2) due to absence of creditors. Applicant supported by special resolution.

What did the court decide?

Directions issued for reduction of capital by cancelling 37,540 shares and returning Rs. 550 per share without court hearing per Section 101(2).

Wisdom Equities Management Private Limited Vs — Company and Corporate | Bombay HC (2013)

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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 SUMMONS FOR DIRECTION NO. 174 OF 2013

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In the matter of the Companies Act, 1956

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And

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In the matter of Section 78 and Section 100 to Section 104 of the Companies Act, 1956

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And

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In the matter of Wisdom Equities Management Private Limited, a company incorporated under the Companies Act, 1956 and having

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its registered office at Level 2, Raheja Centre Point, 294 CST Road, Kalina, Santacruz (E), Mumbai, Maharashtra – 400098.

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Wisdom Equities Management ) Private Limited, a company incorporated under ) the provisions of the Companies Act, 1956 and ) having its registered office at Level 2, )

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Raheja Centre Point, 294 CST Road, Kalina, ) Santacruz (E), Mumbai – 400 013, ) Maharashtra- 400098 )… Applicant Company

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Called Summons for directions Mr. Peshwan Jehangir i/b Khaitan & Co. for the Applicant Company

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Coram : N.M. Jamdar, J Date : 15^th February, 2013

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MINUTES OF ORDER

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UPON THE APPLICATION of the abovenamed Applicant Company by a Summons for Direction AND UPON HEARING the Advocates appearing on behalf of the Applicant Company AND UPON READING the Affidavit dated 7^th November, 2012 of Mr. Sandeep Baid, 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 5^th November, 2012 being Exhibit “G” to the Affidavit in support of the Summons for Direction AND in view of the averments made in paragraph 14 of the said Affidavit that the said reduction of the equity share capital of the Applicant Company shall be effected by cancelling 37,540 (thirty seven thousand five hundred forty) equity shares of Rs. 10 (Rupees ten) each and returning to the shareholders Rs. 550

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(Rupees five hundred fifty) per cancelled share, such capital being in excess of the wants of the Applicant Company, thereby resulting in the reduction of the share capital and share premium of the Applicant Company; AND as mentioned in paragraph 20 of the said Affidavit that the reduction of share capital does not involve diminution of any liability in respect of unpaid share capital; AND as per the averments in paragraph 16 of the said Affidavit that the Applicant Company does not have any secured and unsecured creditors, in view of that, the procedure prescribed under Section 101 (2) of the Companies Act, 1956 is dispensed with.

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(N.M. Jamdar, J.)

Wisdom Equities Management Private Limited Vs

Case brief

What is this about?

What did the court decide?

Wisdom Equities Management Private Limited Vs

Case brief

What is this about?

What did the court decide?

What the court decided

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