The court's decision was influenced by the absence of objections from creditors or the public and the Regional Director's non-objection to the proposed reduction of capital, as required under the Companies Act.

SIDDHARTH MRIDUL, J.

CO.APPL. 3506/2015

The present application instituted on behalf of the Petitioner Company

prays as follows:

“(a) Dispense with the procedure prescribed and laid down under Section 101(2) of the Companies Act, 1956;

(b) Pass any other and/or further order which this Hon'ble Court may deem fit and proper in the fact and circumstances of the case.”

It has been stated on behalf of the Petitioner Company that the proposed reduction of capital does not involve any financial outlay/outgo on the part of the Petitioner Company nor does it directly or indirectly involve any outflow of the assets of the Petitioner Company to its shareholders. It has been further stated that the proposed reduction of capital does not involve either the diminution of any liability in respect of unpaid capital or the payment to any shareholder of any paid-up capital. It has been further stated that the proposed adjustment will not in any way adversely affect the creditors, shareholders or any stakeholders of the Petitioner Company; ordinary operations of the Petitioner Company; or its ability to honour its commitments; or to pay its debts in the ordinary course of business.

In view of the foregoing and for the reasons stated in the application present application seeking dispensation with the procedure prescribed under the provision of Section 101(2) of the Companies Act, 1956 is allowed.

The application is accordingly disposed of.

CO.APPL.1792/2016

The present application instituted on behalf of the Petitioner Company prays as follows:

“(a) Take on record and approve the revised Form of Minutes under Section 103(1) of the Companies Act, 1956, as set out in paragraph 5 herein above, proposed to be filed with the Registrar of Companies, NCT of Delhi and accordingly amend para 29 of the Petition; and

(b) Pass any other and/or further order which this Hon'ble Court may deem fit and proper in the fact and circumstances of the case.”

It is stated on behalf of the Petitioner Company that during the pendency of the present petition, the Petitioner Company in order to meet its funds requirement, has issued additional capital to its holding company. It is in this behalf that the learned counsel for the Petitioner Company has drawn my attention to paragraph 3 of the present application, which sets out in detail the additional capital so issued. Paragraph 4 of the present application reads as hereunder:

“The Petitioner Company has issued 20,00,000, 0.01% Cumulative Non-Convertible Redeemable Preference Shares of Rs. 10/- each on April 29, 2016 thereby increasing the 0.01% Cumulative Non-Convertible Redeemable Preference Share Capital from Rs.84,000,000/- (Rupees Eight Crores Forty lakh only) comprising of 8,400,000 (Eighty Four Lakh only) shares of Rs.10/- each to Rs.104,000,000/- (Rupees Ten Crores Forty lakh only) comprising of 10,400,000 (One Crore Four Lakh only) shares of Rs. 10/- each.”

It is in this view of the matter that the applicant/Petitioner Company has prayed for taking on record and approving the revised form of minutes and accordingly amend paragraph 29 of the accompanying petition.

In so far as the limited reliefs for taking on record the revised form of minutes and accordingly amending paragraph 29 of the present petition are concerned, for the reasons stated in the application the same are hereby granted. The revised form of minutes is taken on record and paragraph 29 of the accompanying is accordingly amended and shall now read as follows: -

"The Securities Premium account of the Company be reduced from Rs. 233,000,000/- (Rupees Twenty Three Crores and Thirty Lakhs only) to Nil;

The issued, subscribed and paid up Equity Share Capital Account of the Company is henceforth, Rs. 230,000,000/- (Rupees Twenty Three Crores only) comprising of 115,000,000 (Eleven Crores and fifty lakhs) shares of Rs. 2/- each fully paid; reduced from Rs.1,150,000,000/- (Rupees One Hundred and Fifteen Crores only);

The issued, subscribed and paid up 8% Non-cumul