IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 25 OF 2011 IN THE MATTER OF COMPANIES ACT, 1956 AND IN THE MATTER OF SECTIONS 100 TO 105 OF THE COMPANIES ACT, 1956; AND IN THE MATTER OF REDUCTION OF SHARE CAPITAL OF SHARUS STEEL PRODUCTS PRIVATE LIMITED Sharus Steel Products Private Limited ) a company incorporated under ) the Companies Act, 1956, having ) its registered office at ) 70, Meadows Street, ) Nagindas Master Road, ) Mumbai-400023 ) ...Applicant Called Summon for Directions Coram: S.C Dharmadhikari, J Date : 14th January, 2011 Mr. Birendra Saraf i/b Messers Desai & Diwanji, Advocates for Applicant. MINUTES OF THE ORDER UPON THE APPLICATION of the above named Applicant by a Summons for Direction and UPON HEARING Mr. BIRENDRA SARAF i/b DESAI & DIWANJI, Advocates for the Applicant AND UPON READING the Affidavit dated 23rd December, 2010 of Mr. Mahendra Modi, Authorised Signatory of the Applicant in support of the Summons for Direction AND the Applicant having passed the Special Resolution at its Annual General Meeting held on 29th September, 2010 and in view of the averments made in paragraphs 24 and 25 of the said Affidavit stating that the proposed reduction of issued, subscribed and paid up Equity and Preference share capital will in no manner prejudice the Secured and Unsecured creditors of the Applicant, as no payment is being made to the Equity Shareholders and further that the proposed reduction of the share capital shall not in any way adversely affect the ordinary operations of or the ability of the Applicant to honour its commitments or to pay its debts in the ordinary course of business and that the reduction does not involve either the diminution of any liability in respect of unpaid share capital or the payout of capital to the shareholders of the Applicant, the provisions of Section 101(2) of the Companies Act, 1956 and the procedure prescribed thereunder is dispensed with (S.C. Dharmadhikari, J)