and Forty Three Lakhs) Non-Cumulative Redeemable Preference Shares of Re. 1/- (Rupee One Only) each to Rs. 8,98,400/-( Rupees Eight Lakh Ninety Eight Thousand and Four Hundred Only) divided into 8,98,400 (Eight Lakh Ninety Eight Thousand and Four Hundred) Equity Shares at Re. 1/- (Rupee One Only) each which reduction shall be effected by way of, (a) extinguishment and cancellation of 46,43,00,000 (Forty Six Crores and Forty Three Lakhs) Non-Cumulative Redeemable fully paid up Preference Shares of Re. 1/- (Rupee One Only) each held by Seabird Marine Services Private Limited, which were issued at par and having an aggregate paid up value of Rs. 46,43,00,000 (Rupees Forty Six Crores and Forty Three Lakhs Only); (“Proposed Capital Reduction”); and (b) NIL consideration being payable by the Company to Seabird Marine Services Private Limited in lieu of the aforesaid extinguishment and cancellation of the fully paid up preference shares held by it as mentioned hereinabove AND in view of the averment made in paragraph 17 of the Company Scheme Petition inter alia stating that there are two (2) Secured Creditors of the Petitioner Company and fifty five (55) Unsecured Creditors AND in view of the averments made in paragraphs 18 and 20 of the Company Scheme Petition wherein it is further inter alia stated that the proposed capital reduction does not affect or prejudice the interests of its creditors and does not involve the diminution of liability in respect of unpaid equity and preference share capital or payment to any equity and preference shareholder of any paid up equity and preference capital AND in view of the above, the
