IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SCHEME PETITION NO. 33 OF 2010 CONNECTED WITH COMPANY SUMMONS FOR DIRECTION NO. 58 OF 2010 In the matter of the Companies Act, 1956; And In the matter of Sections 100 to 105 of the Companies Act, 1956; And In the matter of FORBES TECHNOSYS LIMITED FORBES TECHNOSYS LIMITED, ) a Company incorporated under the ) provisions of the Companies Act 1956, ) having its registered office at Forbes ) Building, Charanjit Rai Marg, Fort, ) Mumbai – 400 001 ) Petitioner Mr. Sumit Raghani i/b. PDS & Associates, Advocates for the Petitioner Company Coram: S. J. Kathawalla, J Date : 26th February, 2010 1) Heard Learned Counsel for the Petitioner Company. 2) This is the petition for obtaining sanction of the court under Sections 100 to 105 of the Companies Act, 1956 to approve for reduction of the paid- up Share Capital of the Petitioner Company as approved by Special Resolution of the Equity Shareholders at their Extra Ordinary General Meeting held on 5th January, 2010. 3) The reasons for reduction of paid-up Share Capital are stated in paragraph 10 of the Petition. 4) In paragraph 16 of the Petition, interalia, it is stated that reduction of paid-up Share Capital only involves adjustment of accumulated losses and this adjustment involves neither diminution of any liability in respect of unpaid capital nor the payment to any shareholder of any paid-up capital, the Petitioner Company is not required to comply with the requirements of Section 101(2) of the Companies Act, 1956, with respect to ascertainment and settlement of claim of creditors. 5) An order of dispensation was passed by this Hon’ble Court in respect of the procedure under Section 101 (2) of the Companies Act, 1956 on the 22nd day of January 2010 in Company Summons for Direction No. 58 of 2010 filed by the Petitioner Company. 6) Counsel appearing on behalf of the Petitioner Company states that they have complied with all statutory requirements as per the directions of this Court and they have filed necessary affidavits of compliance in this Court. Moreover, the Petitioner Company undertakes to comply with statutory requirements, if any, as required under the Companies Act, 1956 and the rules made thereunder. The undertaking is accepted. 7) None of the parties concerned have come forward to oppose the proposed reduction. Since the requisite statutory procedure has been fulfilled, the Petition is made absolute in terms of prayer clauses (a) and (b) of the Petition. 8) All concerned parties to act on an ordinary copy of the order and the form of minutes annexed to this Petition. Petitioner Company to publish notices in the same newspapers i.e. Maharashtra Times in Marathi and Free Press Journal in English and the Maharashtra Government Gazette about registration of Order and minutes of the reduction by the concerned Registrar of Companies, Mumbai. 9) Filing and issuance of drawn up order is dispensed with. (S. J. Kathawalla, J)