ORDER

1. This Company Petition has been filed by Indo-American Hybrid Seeds (India) Private Limited (‘Petitioner’) on 26.07.2023 under section 55 sub- section (3) and other applicable provisions of the Companies Act, 2013 seeking approval of this Tribunal to issue of 4,80,000 7.50% non- cumulative redeemable preference shares of Rs. 100/- amounting to a nominal value of Rs. 480,00,000/- (Rupees Four Crore Eighty Lakhs), in lieu of the unredeemed preference shares, of the same number and value and on the same terms as the original issue and upon issue of such further redeemable preference shares, original unredeemed preference shares to be deemed to have been redeemed.

2. The brief facts of the case as stated in the Company Petition are stated herein below:

a. Petitioner is a Company limited by shares, bearing CIN No. U02001KA1997PTC023141, registered under the Companies Act, 1956 with the Registrar of Companies, Karnataka. The registered office of the Petitioner is situated at 7km, Banashankari-Kengeri Link Road, Sy. No. 13/4, 14, Channasandra, Rajarajeshwarinagar Post, Bangalore- 560098.

b. The Petitioner is engaged in the business of breeding, growing, cultivating and producing veget