1 IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.243 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.316 OF 2008 In The Matter Of Companies Act, 1956. And In The Matter Of Petition Under Sections 100 To 105 Of The Companies Act, 1956. And In The Matter Of reduction of the Securities premium account of Borax Morarji Limited. Borax Morarji Ltd. .… Petitioner CORAM: A. S. Oka, J DATE : 11th April 2008 Amit Jamsandekar i/b D. H. Law Associates for Petitioner. P.C.: 1. Heard learned council for the petitioner. 2. This is a petition for obtaining sanction of the Court for reduction of the Securities Premium account of the Petitioner Company as approved by a special Resolution passed in the meeting of shareholders of the Petitioner Company held on 16th April 2007. 3. The reason for reduction of Securities Premium account is 2 stated in paragraph 9 to 17 of the Petition. 4. In paragraph 18 of the Petition, inter alia, it is stated that the proposed reduction will not cause any prejudice to the creditors of the Petitioner Company and that the proposed adjustment would not in any way adversely affect the ordinary operations of the Petitioner Company or the ability of the Petitioner Company to honour its commitments or to pay its debts in the ordinary course of business. 5. An order of dispensation was passed by this Court in respect of the procedure under Section 101(2) of the Companies Act, 1956 on 14th March 2008 in the Company Application No.316 of 2008. 6. Counsel appearing on behalf of the Petitioner state that they have complied with all statutory requirements as per the direction of the court and they have filed necessary affidavits of compliance in the Court. Moreover, the Petitioner Company also undertakes to comply with statutory requirements, if any, as required under the Companies Act, 1956 and the rules made thereunder. 7. None of the parties concerned have come forward to oppose the proposed reduction. Since the required statutory procedure has been fulfilled, the Petition is made absolute in terms of Prayer Clause and (a) to (e) of the Petition. 8. All concerned parties to act on ordinary copy of the order and the form of minutes annexed to this petition. Petitioner to publish notices in the same newspapers i.e. Maharashtra Times in Marathi and Free press journal in English and Government Gazette about registration of Order and minutes of the reduction by the concerned Registrar of Companies, Mumbai. 3 (A. S. Oka, J.)