(Twenty Seven Lakh Sixty Three Thousand Six Hundred and Twenty Four) equity shares of Rs. 10/- (Rupees Ten) each be reduced 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 Limited and having an aggregate paid up value of Rs. 40,00,000/- (Rupees Forty Lakhs only); (ii) 3,00,000 (Three Lakh) fully paid up equity shares of Rs. 10/- each (Rupees Ten) held by Orchid Shipping Private Limited and having an aggregate paid up value of Rs. 30,00,000 (Rupees Thirty Lakhs Only) and (iii) 36,85,000 (Thirty Six Lakh Eighty Five Thousand) 6% Non-Cumulative, NonConvertible, Redeemable fully paid up preference shares of Rs. 100/(Rupees Hundred) each held by Seabird Marine Services Private Limited and having an aggregate paid up value of Rs. 36,85,00,000/- (Rupees Thirty Six Crores Eight Five Lakhs); (“Proposed Capital Reduction”); and (b) NIL consideration being payable by the Company to Seabird Marine Services Private Limited and Orchid Shipping Private Limited in lieu of the aforesaid selective extinguishment and cancellation of the fully paid up equity shares and 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 is one (1) Secured Creditor of the Petitioner Company and fifty one (51) 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
