P. N. Deshmukh

1. Petition Admitted.

2. Petition fixed for hearing on 16th May 2023.

3. The learned Counsel for the Petitioner Company submits that this petition is for reduction of equity share capital of the Petitioner Company in accordance with Section 66 of the Companies Act, 2013. The special resolution as required has been passed by the equity shareholders of the Petitioner Company for reduction of the issued, subscribed and paid-up equity share capital from INR 2,64,55,23,650/- (Indian Rupees Two Hundred Sixty Four Crores Fifty Five Lakhs Twenty Three Thousands Six Hundred and Fifty only) consisting of 26,45,52,365 (Twenty Six Crores Forty Five Lakhs Fifty Two Thousands Three Hundred and Sixty Five) equity shares of face value INR 10/- (Indian Rupees Ten only) each to INR 96,85,59,830/- (Indian Rupees Ninety Six Crores Eighty Five Lakhs Fifty Nine Thousands Eight Hundred and Thirty Rupees only) consisting of 9,68,55,983 (Nine Crores Sixty Eight Lakhs Fifty Five Thousands Nine Hundred and Eighty Three) equity shares of face value INR 10/- (Indian Rupees Ten only) each by cancelling the equity shares held by the shareholders to the extent of 63.39% of the issued, subscribed and paid-up equity share capital, representing 16,76,96,382 (Sixteen Crores Seventy Six Lakhs Ninety Six Thousand Three Hundred and Eighty Two) equity shares of face value INR 10/- (Indian Rupees Ten only) each held by the shareholders of the Petitioner Company.

4. Within seven (7) days from the date of receipt of certified true copy of this order, the Petitioner Company is directed to serve notices in Form No. RSC-2 of the hearing of the Petition along with copy of Petition upon:- (i) the concerned Registrar of Companies and (ii) Central Government through the concerned Regional Director with a statement that they may submit their representations to the Tribunal, if any, within a period of three (3) months from the date of receipt of such notice and copy of such representations shall simultaneously be served upon the Petitioner Company, failing which, it shall be presumed that the authorities have no objection to the proposed reduction of equity share capital.

5. Within seven (7) days from the date of receipt of certified true copy of this order, the Petitioner Company is directed to serve notice in Form No. RSC-3 of the hearing of the Petition upon all its Creditors, by R.P.A.D./Speed Post/Email (for the creditors whose email addresses are duly registered with the Petitioner Company for the purposes of receiving such notices by E-mail), pursuant to Section 66(2) of the Companies Act, 2013 with a statement that they may submit their representations and objections, if any, to this Tribunal, within a period of three (3) months from the date of the receipt of the said notice and a copy of such representations/objections shall simultaneously be served upon the Petitioner Company, failing which it shall be presumed that such Creditors of the Petitioner Company have no objection to the proposed reduction of equity share capital.

6. Within seven (7) days from the date of receipt of certified true copy of this order, the Petitioner Company to publish notice in Form No. RSC-4 of the date of hearing of Petition in 'Business Standard' in English language and translation thereof in 'NavShakti' in Marathi language both having circulation in the State of Maharashtra and to also upload the same on the website, if any, of the Petitioner Company. The notice shall mention the amount of proposed reduction of equity share capital, the date of hearing and a statement that creditors may submit their representations to the Tribunal, if any, within a period of three (3) months from the date of publication of such notice and copy of such representations shall simultaneously be served upon the Petitioner Company.

7. The Petitioner Company shall submit to the Tribunal, within seven (7) days of expiry of period upto which representations or objections were sought, the representations or objections so received along with responses of the Petitioner Company thereto. If no representations or objections has been received by the Petitioner Company, then in such case it shall be presumed that there are no objections to the proposed capital reduction.

8. The Petitioner Company shall, as soon as may be, but not later than seven (7) days from the date of issue of such notices/publications, file an affidavit in Form No. RSC-5 confirming the dispatch and publication of the notice.

9. Accordingly, this petition is admitted.