On application by Piramal Glass Limited seeking permission to reduce its share capital by INR 48.9 crore from Securities Premium Account with creditor consents, the court noted that the statutory procedure under Section 101(2) of the Companies Act, 1956 is dispensed with.
Noted that the statutory procedure under section 101(2) of the Companies Act, 1956 is dispensed with.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF JUDICATURE AT MUMBAI ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY SUMMONS FOR DIRECTION NO. 965 OF 2016
In the matter of the Companies Act, 1956 and other relevant provision of Companies Act, 2013;
AND
In the matter of Section 52 of the Companies Act, 2013 and Sections 100 to 104 of the Companies Act, 1956 and other relevant provision of Companies Act, 2013;
AND
In the matter of the reduction of share capital of Piramal Glass Limited
Piramal Glass Limited, a company ) incorporated under the Companies ) Act, 1956 having its registered office at ) Piramal Tower, Ganpatrao Kadam ) Marg, Lower Parel, Mumbai ‐ 400 013. ) …….Applicant Company
Called Summons for Direction for hearing
Mrs. Alpana Ghone along with Mr. Arvind Talgaonkar i/b. M/s. Crawford Bayley & Co., Advocates for the Applicant Company.
Coram : S. C. Gupte, J. Date: 25th November, 2016
Page 1 of 4
MINUTES OF THE ORDER
UPON the Application of the above named Applicant Company by a Summons for Direction dated 27th October, 2016 AND UPON HEARING Mrs. Alpana Ghone, Advocate for the Applicant Company, AND UPON READING the Affidavit dated 26th October, 2016 of Ms. Ruchi Sheth, the Authorised Person of the Applicant Company, in support of Summons for Direction and Article 28 of the Articles of Association of the Applicant Company which empowers the Applicant Company to reduce its share capital and Applicant Company having passed Special Resolution in its Annual General Meeting of its equity shareholders held on 20th September, 2016 being Exhibit ‘F’ to the Company Summons for Direction for the reduction of an amount not exceeding a sum of INRs. 48,90,33,650/- (Rupees Forty Eight Crore Ninety Lakh Thirty Three Thousand Six Hundred Fifty Only) out of the Securities Premium Account of the Applicant Company, to be utilized for writing down the book value of its investments AND in view of the averment made in paragraphs 18 to 21 of the Affidavit in support of the Company Summons for Direction, interalia, stating that all the ten Secured Creditors of the Applicant Company have given their consents to the proposed reduction which are annexed as Exhibit “I-1” to “I-10” to the Affidavit in Support of the Company Summons for Direction and
Page 2 of 4
186 Unsecured Creditors of the Applicant Company also have given their consent which are representing 94.82% in value of the total Unsecured Creditors which are annexed as Exhibit “K-1” to “K-186” to the Affidavit in Support of the Company Summons for Direction and the Applicant Company undertakes to issue individual notice of Final hearing of the Petition by R.P.A.D. to all its Unsecured Creditors whose consents are under office objection and to all its remaining Unsecured Creditors, who have their outstanding dues of INRs. 3,00,000/- and above whose consent has not been obtained, the procedure prescribed under section 101(2) of the Companies Act, 1956 is dispensed with.
Page 3 of 4
CERTIFICATE
I certify that this Order uploaded is a true and correct copy of original signed order.
Uploaded by: Shankar Gawde, Stenographer.
Page 4 of 4
1 issue framed by the court
Whether the procedure prescribed under section 101(2) of the Companies Act, 1956 is dispensed with for the reduction of share capital of Piramal Glass Limited.
3 provisions across 2 enactments
Piramal Glass Limited
S. C. Gupte
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
