into 10,02,000 (Ten Lakh and Two Thousand) fully paid-up equity shares of Rs 10/- (Rupees Ten only) each which reduction shall be effected by way of, (a) extinguishment and cancellation of (i) 88,86,000 (Eighty Eight Lakhs and Eighty Six Thousand) 6% Non-Convertible, Non- Cumulative, Redeemable fully paid up preference shares of Rs. 100/- (Rupees Hundred only) each held by Seabird Marine Services Private Limited and having an aggregate paid up value of Rs. 88,86,00,000 (Rupees Eighty Eight Crores and Eighty Six Lakhs Only) (ii) 68,000 (Sixty Eight) 6% Non-Convertible, Non- Cumulative, Redeemable fully paid up preference shares of Rs. 100/- (Rupees Hundred only) each held by Cargo Consultancy Services (India) Private Limited and having an aggregate paid up value of Rs. 68,00,000 (Rupees Sixty Eight Lakhs Only); (“Proposed Capital Reduction”) and (b) NIL consideration being payable by the Company to Seabird Marine Services Private Limited and Cargo Consultancy Services (India) Private Limited in lieu of the aforesaid extinguishment and cancellation of the fully paid up preference shares respectively held by them as mentioned hereinabove AND in view of the averment made in paragraph 17 of the Company Scheme Petition inter alia stating that there are no Secured Creditors of the Petitioner Company and thirty (30) 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
