UPON THE APPLICATION of the above named Applicant Company by a Company Summons for Direction AND UPON HEARING Dr. Birendra Saraf i/b M/s Federal & Rashmikant, Advocates for the Applicant Company AND UPON READING the Affidavit of Mr. Suryakant Mulji Parekh, Director of the Applicant Company dated 6th December 2016 in support of Company Summons for Direction AND Article 8 of the Articles of Association of the Applicant Company that empowers the Applicant Company to reduce its Share Capital from time to time inter alia in any manner for the time being authorized by law AND the Applicant Company having passed Special Resolution with unanimous consent at its Extraordinary General Meeting held on 11th November, 2016 being Exhibit-F to the Affidavit in Support of Company Summons for Direction, approving the reduction of the issued, subscribed and paid-up share capital of the Company from Rs. 40,31,36,240/- (Rupees Forty Crores Thirty One Lakhs Thirty Six Thousand Two Hundred and Forty Only) divided into 34,63,624 (Thirty Four Lakh Sixty Three Thousand Six Hundred and Twenty Four) equity shares of Rs.10/- (Rupees Ten only) each and 36,85,000 (Thirty Six Lakhs and Eighty Five Thousand) 6% Non-Cumulative, Non-Convertible, Redeemable fully paid up preference shares of Rs 100/- each to Rs.2,76,36,240/- (Rupees Two Crores Seventy Six Lakhs Thirty Six Thousand Two Hundred and Forty only) divided into 27,63,624 (Twenty Seven Lakh Sixty Three Thousand Six Hundred and Twenty Four) equity shares of Rs. 10/- (Rupees Ten) each which reduction shall be effected by way of, (a) selective extinguishment and cancellation of (i) 4,00,000 (Four Lakh) fully paid up equity shares of Rs. 10/- (Rupees Ten) each held by Seabird Marine Services Private
