( 1 ) THIS is an application for confirmation of a reduction of capital. The petitioner is a public limited company which was incorporated in June 1945 under the Indian Companies Act, 1913. Its registered office is at 12, India Exchange Place, Calcutta. It carries on business of manufacturers, importers and exporters of radios, radiograms, gramophones, refrigerators, cables, electric switches, switch gears and other electrical goods and equipments. The authorised capital of the company is Rs. 50,00,000/- divided into 3,75,000 ordinary shares of Rs. 10/- each, 10,000 five per tent, cumulative participating preference shares of Rs. 100/- each and 50,000 deferred shares of Rs. 5/-each. The total paid up capital of the company is Rs. 29,20,300/- made up as follows:

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Rs .

(1) 1,89,985 Ordinary shares of Rs. 10/- each 18,99,850 (2) 8452 preference shares of Rs. 100/- each 8,45,200 (3) 35,050 deferred shares of Rs. 5/- each 1,75,250 Total 29,20,300

( 2 ) THE company's factory is at Karampura in the State of Bihar. Since October 1947 the Company has entered into technical collaboration arrangement with foreign firms of repute for carrying on its business an