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High Court for State of TelanganaCP/113/2015allowed no costs

Paired Technologies Limited, v. -

2015-06-09C.V.Nagarjuna Reddy2 pages

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Suryanarayana Yellapantula The Court made the following: ORDER: This company petition is filed under Sections 100 to 104 of the Companies Act, 1956 (for short 'the Act') read with Rule 46 of the Companies (Court) Rules, 1959, for confirming the reduction of share capital. The petitioner is a company incorporated under the Act on 24.12.1999. A fresh certificate of incorporation on conversion to public company was obtained by it on 23.04.2003. Again a fresh certificate of incorporation upon change of its name was obtained by it on 09.12.2013. Its registered office is situated at H.No.8-2-703/2/B, Plot No.2, Road No.12, Banjara Hills, Hyderabad 500 034.

As per its memorandum of association, its main objects are to carry on the business of manufacture, assemble, develop, service, repair, maintain, buy, sell, hire, use, retain, lease, exchange, transport, import, export, design, research and deal in all kinds of computer hardware and software for industrial, medical, engineering, scientific, architectural, legal, financial, hospitality, logistics, transportation supply chain management, e-commerce, information technology and allied services etc. It is stated that as per Article 57 of the Articles of Association, subject to the confirmation by the Court, the petitioner from time to time by special resolution and in a manner authorized may reduce its share capital. That its authorized share capital as on 31.10.2014 is Rs.35 crores divided into 5,60,77,600 equity shares of Rs.

5/- each and 6,96,120 14% redeemable optionally convertible cumulative preference shares of Rs.100/- each. Its issued, subscribed and paid up equity share capital as on the aforesaid date is Rs.19,51,84,850/- divided into 3,90,36,970 equity shares of Rs.5/- each. It has 17,778 shareholders. The petitioner further pleaded that its present shareholders' fund available with it is in excess of its requirements approximately by an amount of Rs.38 crores which could not be effectively deployed in the business and that hence, after evaluating various alternatives, the Board of Directors in its meeting held on 01.12.2014 decided to reduce 60% of the paid up equity share capital of the company by cancelling and extinguishing 60% of the equity shares of the company of face value of Rs.

5/- each and by returning to the shareholders at a premium of Rs.11.50ps i.e., at Rs.16.50ps per share each. That consequent on reduction, its issued, subscribed and paid up equity share capital will be reduced to Rs.7,80,73,940/- consisting of 1,56,14,788 equity shares of Rs.5/- each. That its Board of Directors has approved the reduction of share capital by its resolution passed on 01.12.2014. That a notice calling for extra general meeting for consideration of proposed reduction of share capital was issued on 02.03.2015 and on 04.04.2015, the date of extraordinary general meeting of the shareholders of the petitioner company, proposal for reduction of share capital was passed as a special resolution through e-voting held between 04.03.2015 and 03.04.2015.

The petitioner filed report of the scrutinizer, vide Annexure E3, consolidated report of the scrutinizer stating the result of the e-voting and the EGM, dated 04.04.2015, at page 152, and minutes of the meeting, vide Annexure E4. That the petitioner has repaid to all its trade creditors as on 31.12.2014 as per the certificate issued by the statutory auditors, dated 07.04.2015, vide Annexure F. That in pursuance of the order passed by this Court, the petitioner company has published notice of date of hearing of the company petition in two newspapers i.e., The New Indian Express, English daily and Andhra Jyothi, Telugu daily of Telangana editions on 06.05.2015. At the hearing, Mr. Suryanarayana Yellapantula, learned counsel for the petitioner, submitted that as on date, the petitioner does not have secured, unsecured and trade creditors.

He has also submitted that no objections have been received from any quarter in pursuance of the paper publications carried out by the petitioner. The form of Minute proposed to be registered under Section 103(1)(B) of the Act is as under: "The Issued, Subscribed, Paid up capital of M/s.Palred Technologies Limited is henceforth Rs.7,80,73,940/- (Rupees Seven Crores Eighty Lakhs Seventy Three Thousand Nine Hundred and Forty only) divided into 1,56,14,788 (One Crore Fifty Six Lakhs Fourteen Thousand Seven Hundred Eighty Eight) Equity shares of Rs.5/- (Rupees Five only) each reduced from Rs.19,51,84,850/- (Rupees Nineteen Crores Fifty One Lakhs Eighty Four Thousand Eight Hundred and Fifty only) divided into 3,90,36,970 (Three Crores Ninety Lakhs Thirty Six Thousand Nine Hundred and Seventy only) equity shares of Rs.

5/- (Rupees Five only) each. At the date of Registration of this Minute 1,56,14,788 (One Crore Fifty Six Lakhs Fourteen Thousand Seven Hundred Eighty Eight) Equity shares of Rs.5/- (Rupees Five only) each have been issued and are deemed to be fully paid up." In the light of the facts pleaded by the petitioner, as noted above, this Court is of the opinion that there can be no legally sustainable objection for approving the reduction of share capital in terms of Article 57 of the Articles of Association, which enables the company to reduce the share capital, more so, when the reduced share capital is resulting in repaying the share value to the shareholders at a premium of Rs.11.50ps per share.

For the aforementioned reasons, the Company Petition is allowed by approving the reduction of share capital of the petitioner company as per the form of Minute proposed to be registered as reproduced above. The petitioner shall, within 30 days from the date of receipt of a copy of this order, cause a certified copy of the same to be delivered to the Registrar of Companies and the notice of registration of the form of Minute by the Registrar of Companies and the form of Minute shall be published, in the same newspapers in which notice of this Company Petition was published, within 14 days of the registration. __________________________ (C.V.NAGARJUNA REDDY, J) 09th June, 2015 GHN/DR ​ ​ ​ ​ ​PAGE ​ ​PAGE ​5​ CVNR, J C.P.No.113 of 2015 09.06.

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