Seabridge Realty Pvt Ltd v. ---
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 1033 OF 2016
IN THE MATTER of the Companies Act,
AND
IN THE MATTER Of Seabridge Realty
Private Limited AND
IN THE MATTER of Sections 100 to 104 of
the Companies Act, 1956 AND
IN THE MATTER of the Reduction of
Preference Share Capital of Seabridge Realty Private Limited.
Seabridge Realty Private Limited, ) a company incorporated under the ) Companies Act, 1956 and having its ) Registered office at 1, Navrattan 69, P ) D'Mello Road, Carnac Bunder Mumbai- ) 400 009.
) .Applicant Company Called Summons for Direction Dr. Birendra Saraf i/b M/s Federal & Rashmikant, Advocates for the Applicant Company.
CORAM: S. C. Gupte, J.
DATE: 15th DECEMBER, 2016 MINUTES OF ORDER UPON THE APPLICATION of the above named Applicant Company by a Company Summons for Direction AND UPON HEARING Dr. Birendra Saraf i/b M/s Federal & Rashmikant, Advocates for the Applicant Company AND UPON READING the Affidavit of Ms.
(Rupees One Crore and Twenty Thousand only) divided into 10,02,000 (Ten Lakh and Two Thousand) fully paid-up equity shares of Rs 10/- (Rupees Ten only) each which reduction shall be effected by way of, (a) extinguishment and cancellation of (i) 88,86,000 (Eighty Eight Lakhs and Eighty Six Thousand) 6% Non-Convertible, Non- Cumulative, Redeemable fully paid up preference shares of Rs. 100/- (Rupees Hundred only) each held by Seabird Marine Services Private Limited and having an aggregate paid up value of Rs. 88,86,00,000 (Rupees Eighty Eight Crores and Eighty Six Lakhs Only) (ii) 68,000 (Sixty Eight) 6% Non-Convertible, Non- Cumulative, Redeemable fully paid up preference shares of Rs. 100/- (Rupees Hundred only) each held by Cargo Consultancy Services (India) Private Limited and having an aggregate paid up value of Rs.
shareholders and consequently the proposed capital reduction will not cause any prejudice to or affect the interests to the creditors of the Applicant Company since the share capital reduction is proposed and agreed to be carried out without any consideration being payable by the Petitioner Company to the aforesaid Seabird Marine Services Private Limited and the proposed capital reduction 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 AND IN VIEW OF THE ABOVE, the provisions of and the procedure prescribed under Section 101(2) of the Companies Act, 1956 is not applicable and the same is hereby dispensed with along with publication of the notice of hearing of the Petition in the Maharashtra Government Gazette and newspapers and the formality of words "And Reduced" while describing the capital structure of Applicant Company while confirming the proposed reduction of preference capital is also dispensed with.
(S. C. Gupte, J.) CERTIFICATE I certify that this Order uploaded is a true and correct copy of original signed order. Uploaded by: Shankar Gawde, Stenographer