- 1 - IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.842 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1391 OF 2008 In the matter of the Companies Act, 1956; AND In the matter of Section 78 & 100 to 104 of the Companies Act, 1956; AND In the matter of Reduction of Securities Premium Account of SG Chemicals And Dyes Trading Limited SG Chemicals And Dyes Trading …Petitioner Mr. Amish Shroff i/b Rajani Associates for the Petitioner CORAM: A. M. Khanwilkar, J. DATE: 24 th October, 2008 PC: 1. Heard learned counsel for the Parties. 2. The sanction of the Court is sought under Sections 100 to 104 of the Companies Act, 1956, for the reduction of the Securities Premium account of SG Chemicals And Dyes Trading, the Petitioner Company. 3. The reasons for the reduction are stated in paragraph 9 of the petition. The Board of Directors of the Petitioner Company at its - 2 - meeting held on 2nd day of July, 2008 approved the reduction of the Securities Premium to be utilized for setting off its accumulated losses in the Profit and Loss Account of the Petitioner against the Securities Premium as approved by the Petitioner in terms of the Special Resolution passed by the Equity Shareholders at their meeting held on 31 st day of July, 2008 and subject to the confirmation by this Court. 4. An order of dispensation of procedure under section 101 (2) of the Companies Act, 1956 was passed by this Court on 26th day of September, 2008 in Company Application No.1391 of 2008. 5. Counsel appearing for the petitioner has stated that all the requirements as per the directions of this court have been complied with and that they have filed necessary Affidavit of compliance in the Court. Moreover, the Petitioner Company also undertakes to comply with all statutory requirements, if any, as required under the Companies Act, 1956, and the Rules made thereunder. 6. None of the parties concerned have come forward to oppose the proposed reduction of share premium. Since, the requisite statutory procedure has been fulfilled, the Company Petition No.842 of 2008 is made absolute in terms of prayer clauses (a) to (b). 7. Filing and Issuance of Drawn Up Order is dispensed with. 8. All Authorities concerned to act on a copy of this order along with the Form of Minutes annexed to this Petition, duly authenticated by the Company Registrar, High Court, Bombay. - 3 - 9. Petitioner to publish notices in the same newspapers i.e. Maharashtra Times in Marathi and Free Press Journal in English and also in the Maharashtra Government Gazette about the registration of the Order and the minutes of the reduction by the concerned Registrar of Companies, Mumbai. (A. M. Khanwilkar, J.)