IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.1531 OF 2008 In the matter of Companies Act, 1956 And In the matter of Section 100 to 104 of the Companies Act, 1956; And In the matter of reduction of the Preference Share Capital of the GIC Asset Management Company Limited; And In the matter of the GIC Asset Management Company Ltd; GIC Asset Management Company Ltd., a Company incorporated and registered under the Companies Act, 1956 and having its registered office at P. Jeejeebhoy Tower, 22nd Floor, Dalal Street, Fort, Mumbai- 400 001 ) ) ) ) ) ) …Applicant Company CORAM : A. M. Khanwilkar J. DATED : 21 st November, 2008 MINUTES OF ORDER 1 UPON THE APPLICATION of the abovenamed Applicant Company by a Summons for Direction AND UPON HEARING Mr. Kunal Vajani instructed by Wadia Ghandy & Co., Advocates for the Applicant Company AND UPON READING the Affidavit dated 15th September, 2008 of Mr. M. Raghavendra, Director of the Applicant Company in support of Summons for Direction AND the Applicant Company having passed a Special Resolution at the Extra Ordinary General Meeting of the Equity Shareholders of the Applicant company held on 10th June, 2008 and in view of the averments made in paragraphs 15 to 17 of the Affidavit dated 15th September, 2008 of Mr. M. Raghavendra, Director of the Applicant Company that the reduction of share capital does not involve diminution of any liability in respect of unpaid share capital but only involves payment to the shareholders of paid up share capital of the Applicant Company, as more particularly set out in Company Application. Considering, the fact that the Applicant Company does not have any creditors whatsoever, a case under the provisions of Section 101 (3) has been made out and accordingly, the provisions of and the procedure prescribed under Section 101(2) of the Companies Act, 1956 are dispensed with. COMPANY JUDGE 2