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NATIONAL COMPANY LAW TRIBUNAL
ASHISH KALIA, SANJIV DUTT, JJ
INDIA FACTORING AND FINANCE SOLUTIONSPRIVATE LIMITED VS
| Table of Content |
|---|
| 1. reduction of share capital based on financial circumstances. (Para 1 , 3 , 4 , 5) |
| 2. satisfactory explanation of regional director's observations. (Para 7 , 9 , 10) |
| 3. approval of capital reduction reflects compliance and safeguards interests. (Para 18 , 24) |
ORDER
[PER: SANJIV DUTT, MEMBER (TECHNICAL)]
1. This Petition has been filed by India Factoring and Finance Solutions Private Limited (hereinafter referred to as ‘Petitioner Company’) under Section 66 of the Companies Act, 2013 (hereinafter referred to as ‘the Act”) on 14.07.2023 for obtaining sanction of this Tribunal by way of confirmation of a Special Resolution passed by the Petitioner Company to reduce its issued, subscribed and paid-up share capital from Rs.462,07,66,490/- (Four Hundred Sixty Two Crore Seven Lakh Sixty Six Crore Seven Lakh Sixty Six Thousand Four Hundred Ninety Only) consisting of 46,20,76,649 equity shares of Face Value of Rs. 10 each to Rs.429,38,00,200/- (Four Hundred and Twenty-Nine Crore Thirty-Eight Lakh and Two Hundred Only) consisting of 42,93,80,020 equity shares of Face Value of Rs. 10 each.
2. The reduction of Share Capital is proposed to be effected by reducing the shares held b
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