THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN COMPANY APPLICATION No.1000 of 2012 In C.P.No.240 of 2011 ORDER: This Company Application is filed seeking modification of the schedule to the order, confirming reduction of capital and approving minute, in para 94 of the order dated 17.10.2012 in C.P.No.240 of 2011, as under: “The securities premium account of IL & FS Engineering and Construction Company Limited of Rs.612.240 crores shall be adjusted against the gross debit balance of the profit and loss account of IL & FS Engineering and Construction Company Limited for the financial years 2008-09 and 2009-10 in a sum of Rs.728.379 crores. The unadjusted debit balance of Rs.116.139 crores shall be adjusted against the gross credit balance of the profit and loss account of IL & FS Engineering and Construction Company Limited leaving Rs.179.819 crores in the profit and loss account of IL & FS Engineering and Construction Company Limited as on the appointed date pursuant to the scheme of arrangement”. On the scheme of reduction of capital being sanctioned by this Court, by its order in C.P.No.240 of 2011 dated 17.10.2011, an application was filed by the petitioner, in C.A.No.974 of 2012 in C.P.No.240 of 2011, seeking modification of condition Nos.(i) and (ii) stipulated by this Court as conditions for sanction of the scheme of arrangement and the order confirming reduction of capital. This Court, by order in C.A.No.974 of 2012 in C.P.No.240 of 2011, dated 19.10.2012, observed: Accordingly, condition Nos.(i) and (ii) at paragraphs 93 and 94 of the order, in C.P.No.240 of 2011 dated 17.10.2012, shall stand substituted as under:- (i) The petitioner shall, within four weeks of this order, furnish an unconditional bank guarantee for Rs.70.02 crores in favour of Wardha Power Limited, and deposit the guarantee with the Registrar (Judicial), High Court of Andhra Pradesh, to be retained to the credit of, and till the final outcome of C.P.No.199 of 2010, or any directions passed therein. (ii) The debt due to the other two unsecured creditors, who voted against the scheme, of Rs.8,38,239/- shall be repaid to them within four weeks from today, and proof of payment shall be filed by way of an application, supported by an affidavit, in the present Company Petition. Condition No.(iii), at paragraphs 93 and 94 of the order, shall remain unchanged. The schedule to the order confirming reduction of capital and approving minute was, however, not modified in accordance with the order passed in C.A.No.974 of 2012 in C.P.No.240 of 2011 dated 19.10.2012. Hence the present application. Sri Ch.Ramesh Babu, Learned Counsel for the respondent-objector, has no objection for the relief, sought for in the present application, being granted. The Company Application is, therefore, allowed. The schedule to the order confirming reduction of capital and approving minute is modified as under: “The securities premium account of IL & FS Engineering and Construction Company Limited of Rs.612.240 crores shall be adjusted against the gross debit balance of the profit and loss account of IL & FS Engineering and Construction Company Limited for the financial years 2008-09 and 2009-10 in a sum of Rs.728.379 crores. The unadjusted debit balance of Rs.116.139 crores shall be adjusted against the gross credit balance of the profit and loss account of IL & FS Engineering and Construction Company Limited leaving Rs.179.819 crores in the profit and loss account of IL & FS Engineering and Construction Company Limited as on the appointed date pursuant to the scheme of arrangement”. It goes without saying that the substituted condition Nos.(i) and (ii), as directed by this Court in C.A.No.974 of 2012 in C.P.No.240 of 2011 dated 19.10.2012, shall continue to remain in force. RAMESH RANGANATHAN,J Date:07.11.2012 Note:CC by 09.11.2012 bo usd