In re Supreme Petrochem Limited (NCLT Mumbai)
The National Company Law Tribunal (NCLT), Mumbai Bench, allowed the petition filed by Supreme Petrochem Limited under Section 66 of the Companies Act, 2013 seeking confirmation of a scheme for reduction of its share capital.
The petitioner company, engaged in the manufacture of polystyrene, expandable polystyrene, specialty polymers, compounds and extruded polystyrene, was authorised under Article 57 of its Articles of Association to reduce its share capital in accordance with the Companies Act, 2013. The company also confirmed that no proceedings or investigations were pending against it under the Companies Act, 2013.
The equity shareholders passed a special resolution through remote e-voting at the Extraordinary General Meeting held on 12 August 2021 approving the reduction of the issued, subscribed and paid-up equity share capital from ₹94,02,06,710 divided into 9,40,20,671 equity shares of ₹10 each to ₹37,60,82,684 divided into 9,40,20,671 equity shares of ₹4 each. The scheme provided for returning ₹6 per equity share to all shareholders on the record date by reducing the face value of each share from ₹10 to ₹4, while keeping the number of equity shares unchanged. The authorised share capital was correspondingly reorganised.
The company explained that it possessed substantial cash and liquid resources, the paid-up share capital exceeded its funding requirements, and the reduction would return excess capital to shareholders while maintaining sufficient resources for business operations and future expansion. It further stated that the reduction would improve capital efficiency, enhance return on equity, return on net worth and dividend yield, without affecting the proportionate shareholding of members or the company’s ability to meet its obligations.
The petition set out the existing and proposed capital structure, showing that only the face value of equity shares would be reduced from ₹10 to ₹4, while the number of issued shares and the shareholding pattern of promoters, institutions and public shareholders would remain unchanged.
The Regional Director (Western Region) raised various observations, including protection of creditors, pending complaints before the Registrar of Companies, tax implications, whether the proposal amounted to a buy-back under Section 68, and whether any approvals from regulatory authorities were required. The company responded that creditors’ interests and statutory dues were fully protected, pending complaints would continue to be decided on their own merits, tax consequences would be governed by applicable law, and tax would be deducted at source wherever required. It further submitted that reduction under Section 66 and buy-back under Section 68 were independent statutory mechanisms. According to the company, unlike a buy-back, the proposed scheme did not extinguish any shares but merely reduced their face value, leaving the number of shares unchanged. The company also stated that stock exchanges had already issued no-objection letters and that Reserve Bank of India approval was unnecessary as it was not an NBFC.
After considering the company’s clarifications and noting that the Regional Director, in the supplementary report, found the replies satisfactory, the Tribunal allowed the company petition. It directed the company to publish notices regarding registration of the order and minutes in the prescribed newspapers, file the certified copy of the order and minutes with the Registrar of Companies within 30 days, and permitted all concerned regulatory authorities to act upon production of the certified order.
The Tribunal ordered that the issued, subscribed and paid-up share capital of the company would thereafter stand reduced to ₹37,60,82,684 divided into 9,40,20,671 equity shares of ₹4 each, effected by returning ₹6 per equity share to the shareholders.
Cases Discussed
- Earnest Towers Private Limited (NCLT Mumbai), CP No. 1188 of 2020 dated 24.08.2021
- Lily Realty Private Limited (NCLT Mumbai), CP No. 4514 of 2019 dated 10.03.2021
- Company Scheme Petition No. 434 of 2014 connected with Company Summons for Direction No. 396 of 2014 (Bombay High Court), dated 28.04.2015
- Kalyani Thermal Systems Limited (Bombay High Court), Company Petition No. 801 of 2005 in Company Application No. 620 of 2005 dated 23.12.2005
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. The Court convened by video-conference.
2. Heard Learned Counsel for the Petitioner Company and the representative from the Regional Director (WR). No objector has come before the Tribunal to oppose the Petition and nor any party has controverted any averments made in the Petition.
3. The Petitioner Company is inter-alia, engaged in the manufacturing of polystyrene, expandable polystyrene, specialty polymer and compounds and extruded polystyrene.
4. By virtue of Article 57 of the Articles of Association of the Petitioner Company, it is provided that the Petitioner Company may in general meeting reduce its share capital. The relevant extract of the said article is produced as under:
The Company may be resolution as prescribed by the fact, reduce in any manner and in accordance with the provision of the Act and the Rules, –
(i) Its share capital; and/or
(ii) Any capital redemption reserve account; and/or
(iii) Any securities premium account; and/or
(iv) Any other reserve in the nature of share capital.
5. There is no proceedings/investigation pending against the Petitioner Company under the applicable provisions of the Companies Act, 2013.
6. The results of the meeting by way of remote e-voting by the equity shareholders is mentioned as under:
(i) Equity shareholders holding 76.724% shares of the Petitioner Company cast their votes through remote e-voting at their Extra ordinary General Meeting held on 12 August 2021.
(ii) The Equity Shareholders unanimously passed the resolution in the favour of the special resolution.
7. The following Special Resolution was unanimously passed by the Equity Shareholders through e-voting in accordance with Section 66(1) of the Companies Act 2013 at the said Extraordinary General Meeting;
“RESOLVED THAT pursuant to the provisions of Section 66 and other applicable provisions, if any, of the Companies Act, 2013 (“Act”) read with the provisions of the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 and other applicable rules issued under the Act (including any statutory modification(s) or re-enactment thereof for the time being in force), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) read with the SEBI Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017, as amended read with SEBI Master Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/249 dated December 22, 2020 (“SEBI Circulars”) and other applicable regulations, circulars and guidelines issued by the Securities and Exchange Board of India (“SEBI”), the Reserve Bank of India (“RBI”), BSE Limited (“BSE”), National Stock Exchange of India Limited (“NSE”) (BSE and NSE together are referred to as “Stock Exchanges”) and other authorities as may be and to the extent applicable, Article 57 of the Articles of Association of the Company and subject to confirmation by Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”) and further subject to such other approvals, permissions and sanctions of regulatory and other authorities, as may be necessary and subject to such conditions and modifications as may be prescribed or directed by Hon’ble NCLT or by any regulatory or other authorities, while granting such consents, approvals and permissions, the consent of members of the Company be and is hereby accorded to the reduction of issued, subscribed and paid-up equity share capital of the Company from the existing Rs. 94,02,06,710/- (Rupees Ninety-Four Crore Two Lakhs Six Thousand Seven Hundred Ten Only) divided into 9,40,20,671 (Nine Crore Forty Lakhs Twenty Thousand Six Hundred Seventy One) equity shares with face value of Rs. 10/- (Rupees Ten Only) per equity share to Rs. 37,60,82,684/- (Rupees Thirty Seven Crores Sixty Lakhs Eighty Two Thousand Six Hundred Eighty Four Only) divided into 9,40,20,671 (Nine Crore Forty Lakhs Twenty Thousand Six Hundred Seventy One) equity shares with face value of Rs. 4/- (Rupees Four Only) by returning to all the equity shareholders as on the record date an amount of Rs. 6/- (Rupees Six Only) per equity share out of face value of Rs. 10/- (Rupees Ten Only) per equity share held by them and reducing the face value of equity shares of the Company from the existing Rs. 10/- (Rupees Ten Only) per equity share to Rs. 4/- (Rupees Four Only) per equity share on terms and conditions as contained in the draft scheme of reduction of share capital, which be and is hereby approved (“Scheme of Reduction of Share Capital”/ “Scheme”).
RESOLVED FURTHER THAT pursuant to reduction of share capital as above, the face value of equity shares of the Company shall stand reduced to Rs. 4/- (Rupees Four Only) per equity share and consequently, the authorized share capital of the Company shall stand reorganized from Rs. 150,00,00,000/- (Rupees One Hundred and Fifty Crores Only) divided into 12,50,00,000 equity shares of Rs. 10/- each and 2,50,00,000 redeemable cumulative preference shares of Rs. 10/- each to Rs. 150,00,00,000/-(Rupees One Hundred and Fifty Crores Only) divided into 31,25,00,000 equity shares of Rs. 4/- each and 2,50,00,000 redeemable cumulative preference shares of Rs. 10/- each and on confirmation of the Scheme by Hon’ble NCLT, Clause V in the Memorandum of Association of the Company shall stand altered, modified and amended as follows:
The Authorized Share Capital of the Company is Rs. 150,00,00,000/- (Rupees One Hundred and Fifty Crores Only) divided into 31,25,00,000 equity shares of Rs. 4/- each (Rupees Four Only) and 2,50,00,000 redeemable cumulative preference shares of Rs. 10/- (Rupees Ten Only) with rights, privileges and conditions attached thereto as may be provided by the regulations of the Company for the time being in force with power to increase or reduce the Capital and to divide the Shares in the Capital for the time being into several classes (being those specified in the Companies Act, 2013) and to attach thereto respectively such preferential, qualified, deferred or special rights, privileges or conditions as may be determined in accordance with the regulations of the Company, and to modify or abrogate any such rights, privileges or conditions in such manner as may be lawfully permitted by the said Act or provided by the Articles of Association of the Company for the time being in force.
8. The Learned Counsel for the Petitioner Company states that the rational for reduction is as follows;
Since the initial public offer in 1994, the Company has been growing and rewarding its shareholders through regular dividend pay-out and periodical buy-back of the equity share;
I. As on September 30, 2020, the Company has cash and cash equivalents and liquid resources aggregating to Rs. 409.58 Crores, which are in form of cash, bank balance and investments in debt schemes of mutual funds. Further, the Company has enough resources to meet its ongoing business activities as well as future growth requirements;
II. On a review of the financial position of the Company as per its Audited Financial Statement as on 31st March, 2020 including its reserves, future revenues, expansion plans and CAPEX thereto etc., the Board of Directors of the Company in the meeting held on March 12, 2021, were of the opinion that the paid up share capital of the Company is in excess of its requirement of funds.
III. The Board, in the aforesaid meeting, after carefully examining and evaluating the different options available to the Company and in accordance with the provisions of Section 66 of the Companies Act, 2013 read with the applicable rules issued thereunder, and subject to the consent of the shareholders and the approval from the Tribunal and other statutory authorities as and where applicable decided to pay back the excess share capital by reducing 60% of the paid up share capital of the Company by way of cancelling and extinguishing 60% of the paid up value of the equity shares by returning Rs. 6/- (Rupees Six Only) per equity share to the shareholders.
IV. Article 57 of the Articles of Association authorises the Company to reduce its share capital in any manner and in accordance with provision of the Companies Act, 2013.
V. Post the reduction of share capital–
(i) the Company will have more efficient capital structure and the shareholders will also benefit in terms of enhanced return on equity, return on net worth and dividend yield.
(ii) The Company will have enough resources to fund the ongoing activities and its expansion programme etc.
VI. The reduction of the paid up equity share capital will not result in any change in the proportion of shareholding of the members of the Company and would not in any way have any adverse effect on the Company’s ability to honour its commitments or meet its obligations in the ordinary course of business.
VII. The Scheme does not include splitting of equity shares but is only a reduction in the face value of the equity shares of the Company. i.e. one equity share of Rs. 10/- (Rupees Ten Only) will become one equity share of Rs. 4/- (Rupees Four Only) after returning Rs. 6/- (Rupees Six Only) per equity share to the shareholders of the Company and the number of equity shares issued by the Company will remain the same and the amount required for reduction of capital will be met out of the cash and cash equivalents or other liquid resources of the Company.
VIII. The benefits of the Scheme will be as follows:
a. The excess capital, lying idle and unused by the Company, will be returned to all the shareholders of the Company in a proportion of their shareholding as on the record date, as may be fixed by the Board.
b. An accurate financial position of the Company will be reflected and excess and unwanted share capital will be returned to the shareholders.
5. The share capital of the Petitioner Company as on 31 December 2020, is as below:
| Particulars | Amount (in INR in Crore) |
| Authorized Share Capital | |
| 12,50,00,000 Equity Shares of INR 10 each | 125.00 |
| 2,50,00,000 Redeemable Cumulative Pref- erence Shares of Rs 10/- each | 25.00 |
| Total | 150.00 |
| Issued, Subscribed and Paid-Up Capital | |
| 9,40,20,671 Equity Shares of INR 10 each | 94.02 |
| Total | 94.02 |
6. The proposed reduction of paid-up share capital and resultant change in the face value of equity shares in the authorized share capital shall be reflected in the book of accounts of the Petitioner Company on the Effective Date as follows:
| Particulars | Amount (Rs. in Crore) |
| Authorized Share Capital | |
| 31,25,00,000 Equity shares of Rs. 4/- each | 125.00 |
| 2,50,00,000 Redeemable cumulative preference shares of Rs. 10/- each | 25.00 |
| Total | 150.00 |
| Issued, Subscribed and Paid-up Share Capital | |
| 9,40,20,671 Equity Shares of Rs. 4/- each | 37.61 |
| Total | 37.61 |
7. Pre and post reduction of paid up share capital on the Effective Date of the Scheme shall be as under:
| Particulars | Existing Share Capi- tal of the Company as on 31st December, 2020 (prior to im- plementation of the Scheme) |
Reduced Share Capital of the Company (post implementation of the Scheme) |
| Number of equity shares | 9,40,20,671 | 9,40,20,671 |
| Face value of each equity share | Rs. 10/-
(Rupees Ten Only) |
Rs. 4/-
(Rupees Four Only) |
| Total paid-up equity share capital | 94,02,06,710 | 37,60,82,684 |
8. The shareholding pattern of the Petitioner Company, Pre and Post reduction of capital, upon approval of the Scheme will be in the following manner considering the fact that the proposed reduction in Equity Share capital involve reduction of face value of shares from existing Rs. 10/- each to Rs. 4/- (Rupees Four Only) each and hence there is no reduction in the number of equity shares.
| Particulars | Holding of shares as on 31st December, 2020 (prior to the implementa- tion of Scheme) |
Holding of shares (post implementation of the Scheme) |
||
| No of equity shares |
Percent- age (%) of total eq- uity shares |
No. of eq- uity shares |
Percentage (%) of total equity shares | |
| Promoter and Promoter Group | 6,01,33,600 | 63.96 | 6,01,33,600 | 63.96 |
| Institutions/ Mutual Fund | 27,54,919 | 2.93 | 27,54,919 | 2.93 |
| Public | 3,11,32,152 | 33.11 | 3,11,32,152 | 33.11 |
| Total | 9,40,20,671 | 100.00 | 9,40,20,671 | 100.00 |
9. The Regional Director (Western Region), Ministry of Corporate Affairs, Mumbai, has filed a Report dated 18 February 2022 inter-alia making the following observations which are produced hereunder to which the Petitioner has filed his responses by way of an Affidavit – In-Rejoinder dated 25 February 2022:
| Para | Observation by the Regional Director | Responses by the Petitioner |
| 6 | Mumbai in his Report No. ROC/JTA/054633/66(2)/309 dated 21.01.2021 inter-alia mentioned that there is no prosecution filed/pending against the Company. Further the ROC, Mumbai has made his observation in para no. 23 of his report and stated that, 1. Interest of the creditors should be protected. | In so far as the observation made in Paragraph 6 (1) of the said Report is concerned the Petitioner Company undertakes that interest of all creditors is protected. |
| 6 | 2. Complaint vide SRN 100016969, J000030198 & J00066293 are pending against the Company. Copy of the above said complaint is annexed hereto and marked as “Annexure-A” Which are in the nature of non-refund deposits and as per proviso section 66, no such reduction shall be made if the Company is in arrears in the repayment of any deposits accepted by it, interest payable thereon.
3. May be decided on it’s merits. A) Applicant submit an affidavit to the effect that the interest of the creditors and all Stakeholders and Government Revenue are protected as well as statutory dues are paid off. B) The tax implication if any arising out of the proposal for reduction is subject to final decision of Income Tax Authorities. The approval of the Company Petition by this Hon’ble |
In so far as the observation made in Paragraph 6 (2) of the said Report is concerned about 3 complaints, the Petitioner company undertakes and confirm that the approval of the Reduction will not dilute any complaint and all complaints pending with ROC/MCA will be decided on its own merit and in accordance with law. Out of the said three complaints, the two complaints are in relation to issue of duplicate share certificate (viz. shares) and payment of dividend, which have been already transferred to Investor Education and Protection Fund (IEPF) as per IEPFA Rules, 2016 on which Company has no controls. These shares and dividend have been transferred to IEPF because the concerned shareholders did not claim their dividend consecutively for 7 years period. However, Company will co-operate with such members in all respect, whenever they proceed, subject to compliance of IEPFA Regulations/ requirements on their part.
Company has already replied to Registrar of Companies, Mumbai in this regard, the copy whereof is attached herewith vide Annexure 1 & 2. The third complaint is w.r.t. payment of principal and interest of Ms. Celine Lobo related to a fixed deposit amount. In this connection we submit that Company has already paid the entire amount to the deposit holder on 02.12.2014 (Rs.3450/- Interest) and on 08.12.2014 (Rs.10,000/- Principal) and to corroborate the same, bank statement of HDFC Bank, Mumbai is attached herewith vide Annexure 3. Company has already re- plied to Registrar of Companies, Mumbai in this regard also, the copy whereof is attached to Affidavit-in-Rejoinder as Annexure 1 for ready reference. The present scheme for reduction will not have any impact on pending complaints which will be decided on its own merits. In so far as the observation made in Paragraph 7 (A) of the said Report the Petitioner Company is concerned the Petitioner Company undertakes that interest of all the creditors, stakeholders as well as the Government Revenue are protected and all the statutory dues are paid off by the Petitioner Company. In so far as the observation made in Paragraph 7 (B) of the said Report is concerned it is the Petitioner Company submits that the tax implications, if any, arising out of the proposal for reduction is subject to final decision of the Income Tax Authorities. |
| 7 (A)
7 (B) |
Court may not deter the Income Tax Authority to scrutinise the tax return filed by the Company after giving effect to the pro- posed reduction. The decision of the Income tax Authority is binding on the Petitioner Company. Further the recipient shareholders of reduction amount shall be subject to the applicable capital gain Tax/dividend tax as the case may be. | The approval of the Company Petition by this Hon’ble Tribunal may not deter the Income Tax Authority to scrutinise the tax return filed by the Petitioner Company after giving effect to the proposed reduction and all issues arising out of scheme for reduction will be decided in accordance with law. Further, the Petitioner Company confirms that the Company shall make payment to the shareholders of the Company in respect to its share capital reduction, only after withholding or deducting such tax at source as may be applicable as per Income Tax Act, 1961 to the extent applicable. |
| 7 (C) | It is observed that in the proposed scheme the applicant proposes to reduce the issued, subscribed and paid-up equity share capital of the Company from the existing Rs. 94,02,06,710/- divided into 9,40,20,671 equity shares with face value of Rs 10/- per equity share to Rs 37,60,82,684/- divided into 9,40,20671 equity shares with face value of Rs 4/- by returning to all the Equity Shareholders as on the record date an amount of Rs 6/- per Equity share out of face value of Rs 10/- per Equity Share held by them and reducing the face value of Equity Shares of the Company from the existing Rs. 10/- per equity share to Rs 4/- per Equity Share on terms and conditions as contained in the draft scheme of reduction of share capital, which be and is hereby approved. It is observed that in the proposed Scheme the applicant proposed to return to all the equity shareholders as on the record date an amount of Rs. 6/- per Equity shareholders as on the record date an amount of Rs 6/- per Equity share out of face value of Rs 10/- per, which is a nature of buy back. Therefore, Petitioner Company be directed to place on record as to how to present Scheme is not circumvent the provisions of the Section 68.
|
In so far as the observation made in Paragraph 7 (C) of the said Report is concerned the Petitioner Company sub-mits that a company having a share capital by passing a special resolution and sub-ject to confirmation by the Tribunal is entitled to re-duce it’s share capital in any manner as it so desires. The provisions of the Companies Act, 2013 (“the Act”) have prescribed separate proce-dures and regulations for Buy-Back, which being in-dependent provisions are not inter-dependent to each other. The provision under Section 66(6) of the Act ex-plicitly provides for exclu-sion of section 66 for the purposes of buy-back of its own securities by any Com-pany. It is open for the Peti-tioner company to follow the procedure under Section 66 of the Act for share capi-tal reduction or procedure under Section 68 of the Act for Buy-Back of its own se-curities and both the provi-sions/procedures stand inde-pendent.
Further section 66 provides for a detailed procedure to reduce the share capital of the Company in any manner inter alia paying off any paid up capital which is in excess wants of the Com-pany. Further, in accordance with Section 69 of the Act, in case of a buy-back, a sum equal to the nominal value of the shares so purchased has to be transferred to Cap-ital Redemption Reserve whereas in the present case there is only a reduction of 60 % of the paid up value of the equity shares by return-ing Rs 6/- per Equity shares to the shareholders without effecting any change in the number of shares. Since there is no extinguishment in the overall number of equity shares of the Company while doing reduction of share capital, as against the provisions of Buy-Back wherein the number of shares bought back are man-dated to be extinguished, the number of shares will re-main intact pre and post the proposed share capital re-duction of the company. Further, Section 68 of the Act provides for a maxi-mum cap of buyback only to the extent of 25 % of the to-tal paid up capital and free reserves whereas the pro-posed reduction envisages reduction of 60% of the paid up value of shares i.e reduction in the face value of shares from Rs 10/- per eq-uity share to Rs 4/- per eq-uity share. Therefore, the contentions of the Regional Director are contrary to the prevailing legal position. In this regard reliance is placed on the following rulings where similar observations were raised by the Regional Director and the Hon’ble High Court/NCLT were pleased to allow reduction of share capital as a proce-dure under Section 66; Decision of NCLT Mumbai Bench in CP No. 1188 of 2020 in the matter of Ear-nest Towers Private Limited dated 24.08.2021. Decision of High Court of Bombay in Company Peti-tion No. 801 of 2005 in Company Application No. 620 of 2005 in the matter of Kalyani Thermal Systems Limited dated 23.12.2005. Decisions of NCLT Mum-bai Bench in CP No. 4514 of 2019 in the matter of Lily Realty Private limited dated 10.03.2021. Decision of High Court of Bombay in Company Scheme Petition No. 434 of 2014 connected with Com-pany Summons for direction no. 396 of 2014 dated 28.04.2015. In view of the above the Pe-titioner Company confirms that the present Scheme does not circumvent the pro-visions of the Section 68 in any manner. Copies of the Judgements are annexed to the Affidavit in Rejoinder as “Annexures -2 to 5 respec-tively” |
| 7 (D) | The Petitioner Company has mentioned in Para 3 of Petition that it is engaged in business of brokerage and underwriting of shares, stocks, debentures, bonds, etc. In this regard it is submitted that whether approval of RBI, SEBI, Stock Exchange as applicable and any other regulatory authority is required or not, and if required then the company shall obtain before approval of Scheme. | In so far as the observation made in Paragraph 7 (D) of the said Report is concerned the Petitioner Company sub-mits that Company is not en-gaged in the business of bro-kerage and underwriting of shares, stocks, debentures, bonds etc. as stated in RD report dated 18.02.2022 and para 3 as referred therein re-lated to our petition reads as follows
“To carry on business as Merchants, Dealers, Distrib-utors, Traders, commission agents, brokers, adatias or in any other capacity in India or elsewhere and to import, export, buy, sell, barter, ex-change, pledge, mortgage, advance upon or otherwise deal in goods, produce, articles and merchandise of any kind including all type of chemicals, petrochemicals intermediate products, plastic goods raw materials, machinery and packaging related thereto”, hence such observation in RD report is irrelevant to the company. Further the National Stock Exchange of India and BSE have given their NOC to the share capital reduction scheme of the Company vide their Letter dated 18 June 2021 which is attached herewith vide Annexure 6 and 7. Further, since the Petitioner Company is not an NBFC, no prior approval from RBI for reduction of its share capital is mandated. |
6. In response to the Report of the Regional Director the Petitioner Company has filed affidavit in rejoinder and have given necessary clarifications to the observations made by the Regional Director. The Regional Director in his Supplementary Report dated 02.03.2022 has found the replies of the Petitioner Company to be satisfactory.
7. In view of the clarifications given by the Petitioner Company and the judgement cited on the issue the Company Petition is allowed.
8. The Petitioner Company to publish notices about registration of order and minutes by the concerned Registrar of Companies, Mumbai, Maharashtra in two newspapers namely “Business Standard” in English language and translation thereof in “Navshakti” in Marathi language both having circulation in the State of Maharashtra within 30 days of registration.
9. The Petitioner Company undertakes to file the certified copy of the order and form of minutes duly certified by the Joint/Assistant Registrar of this Tribunal with the Registrar of Companies within 30 days from the date of receipt of the certified Order from the Registry of this Tribunal.
10. All concerned regulatory authorities to act on production of certified copy of the order to be issued on demand by the Designated Registrar of this Tribunal.
11. Ordered Accordingly.
ORDER
“The issued, subscribed and paid up share capital of Supreme Petrochem Limited is henceforth Rs. 37,60,82,684/- (Rupees Thirty-Seven Crores Sixty Lakhs Eighty Two Thousand Six Hundred Eighty Four Only) divided into 9,40,20,671 (Nine Crore Forty Lakhs Twenty Thousand Six Hundred Seventy One) equity shares of Rs.4/- each fully paid up reduced from Rs. 94,02,06,710/- (Rupees Ninety-Four Crore Two Lakhs Six Thousand Seven Hundred Ten Only) divided into 9,40,20,671 (Nine Crore Forty Lakhs Twenty Thousand Six Hundred Seventy-One) equity shares with face value of Rs. 10/- (Rupees Ten Only) per equity share and effected by returning Rs. 6/-(Rupees Six Only) per share to the equity shareholders of the Company. At the date of the registration of this minute, 9,40,20,671 (Nine Crore Forty Lakhs Twenty Thousand Six Hundred Seventy-One) equity shares have been issued and are deemed to be fully paid up @ Rs. 4/- (Four) per equity share and the remaining 21,84,79,329 equity shares of Rs. 4/- (Rupees Four Only) each are unissued”
