Eight Thousand Ten only) consisting of 57,088,801/- (Five crores Seventy Lakhs Eighty Eight Thousand Eight Hundred One) equity shares of Rs.10 each fully paid up, to Rs.83,083,130/(Rupees Eight Crores Thirty Lakhs Eighty Three Thousand One Hundred Thirty only) consisting of 8,308,313 (Eighty Three Lakhs Eight Thousand Three Hundred Thirteen) equity shares, by extinguishing / cancelling 48,780,488 (Four Crores Eighty Seven Lakhs Eighty Thousand Four Hundred Eighty Eight) equity shares by paying off Lehman Brothers Investments Pte Ltd an aggregate sum of Rs.1,000,000,000 (One Hundred Crores only) at a value of Rs.20.50 per equity share and the averments made in paragraphs 17, 18 and 24 (e) of the Affidavit in support of the Summons for Direction, interalia stated therein that the Applicant Company has no secured creditors and there are 14 unsecured creditors of aggregate value of Rs.98,403,271. However no creditor is likely to be prejudiced as post-reduction the liquid assets of the Petitioner Company would be more than sufficient to settle the dues of all the creditors of the Company, moreover the Petitioner Company will have a net worth of Rs.227,285,880 even after the reduction which is sufficient to meet its liabilities including its unsecured creditors. Hence, the procedure under Section 101(2) of the Companies Act, 1956 was dispensed with as per Order dated 11th July, 2014 passed in Company Summons Direction No. 548 of 2014.
