IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 1004 OF 2009 CONNECTED WITH COMPANY APPLICATION NO. 1257 OF 2009 In the matter of Sections 78 and 100 to 104 of the Companies Act, 1956; And In the matter of Annulment of allotment of 16500 Equity Shares issued and allotted by Arrow Coated Products Limited and the consequent reduction in the Issued, Subscribed and Paid-up share capital and the Securities / Share Premium Account. ARROW COATED PRODUCTS LTD. ) A Company incorporated under the ) Companies Act, 1956, having its ) registered Office at 5D, Laxmi Industrial ) Estate, New Link Road, Andheri (West), ) Mumbai – 400 053 ) ..Petitioner -2- Mr. Yogesh Adhia, Advocate for the Petitioner Coram:- S. J. Kathawalla, J. Dated:- 18 th January 2010 PC: 1. Heard learned counsel for the parties. 2. The sanction of the Court has been sought for the reduction of the issued/subscribed and paid-up share capital of the Petitioners Company by cancelling of 16500 (Sixteen Thousand Five Hundred) Equity Shares of Rs. 10/- (Rupees Ten) each fully paid up at a premium of Rs. 40/- per share and utilize an amount not exceeding Rs. 6,60,000/- out of the balance standing in the Share / Securities premium account of the Company as on 31 st March, 2009 to payback the premium amount of Rs. 6,60,000 (Rupees Six Lacs Sixty Thousand Only) received as premium on the allotment of the said 16500 Equity shares, as approved in a Special Resolution of the Petitioner Company at the Annual General Meeting held on 30 th September 2008. - 3 - 3. The reasons for reduction of share capital are stated in paragraph 7 of the Petition. The Board of Director approved the resolution for reduction of share capital in its Meeting held on 25 th August 2008. 4. An order for dispensation of the procedure under Section 101(2) of the Companies Act, 1956 was passed by this Court on 4 th December 2009 in Company Application No. 1257 of 2009. 5. Counsel appearing on behalf if of the Petitioners states that they have complied with all statutory requirements as per directions of this Court and they have filed necessary affidavits of compliance in the Court. Moreover, Petitioner Company undertakes to comply with statutory requirements, if any, as required under the Companies Act, 1956 and the Rules made there under. 6. None of the parties concerned have come forward to oppose the proposed reduction of share capital. Since, the requisite statutory procedure has been fulfilled; the Petition is made absolute in terms of prayer clause (a) and (b). - 4 - 7. All concerned parties to act on ordinary copy of order and the form of minutes annexed to this Petition duly authenticated by the Company Registrar, High Court, Bombay. 8. The Petitioner to publish notices in the same newspapers i.e. Free Press Journal, Mumbai Edition in English and Maharashtra Times, Mumbai Edition in Marathi and also in the Maharashtra Government Gazette about registration of Order and minutes of reduction by the concerned Registrar of Companies, Mumbai, within 21 days from the date of Registration. (S. J. Kathawalla, J.)