1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.962 OF 2009 CONNECTED WITH COMPANY APPLICATION NO.1175 OF 2009 In the matter of Companies Act, 1956; And In the matter of Sections 100 to 105 of the Companies Act, 1956 And In the matter of Reduction of Capital of Pune Power Development Private Limited Pune Power Development Private Limited. ..Petitioner Mr. Ananth Iyengar i/b Hemant Sethi & Co. for the Petitioner. CORAM: Dr. D. Y. CHANDRACHUD . J DATE: 4TH DECEMBER 2009 1. Heard learned counsel for the Petitioner. 2. The confirmation of this Court is sought under Sections 100 to 105 of the Companies Act, 1956 for reduction of share capital of Pune Power Development Private Limited. 3. Counsel appearing on behalf of the Petitioner has stated that the Petitioner has complied with all requirements as per directions of this Court and has filed necessary affidavit of compliance in the Court. Moreover, the Petitioner undertakes to comply with all statutory requirements, if any, as required under the Companies Act, 1956 and the rules made there under. Undertaking is accepted. 4. This is a petition seeking Court’s approval for reduction of the Share Capital of the Petitioner Company as approved by the Equity Shareholders in its Extraordinary General meeting held on 28th October 2009. It is stated that the said meeting of the Equity Shareholders was attended by all the shareholders of the 2 Petitioner Company either in person or by Authorized representative. Accordingly, the equity shareholders present at the meeting unanimously passed Resolution as Special Resolution. 5. The reason for reduction of Share Capital is stated in paragraph nine of the Petition and it stated that the Board of Directors have undertaken a financial review of the Company and have noticed that the paid up capital is in excess of the fund requirements of the Petitioner Company. Thus, the Company intends to pay off the surplus funds aggregating to Rs.15,50,00,000/- to its equity shareholders by reducing the paid up equity share capital from Rs.20,50,00,000/- consisting of 2,05,00,000 Equity Shares of Rs.10/- each to Rs.5,00,00,000/- consisting of 50,00,000 Equity Shares of Rs.10/- each. 6. In light of above Mr. Ananth Iyengar i/b Hemant Sethi & Co. Advocates appearing for the Petitioner seeks confirmation to the reduction of share capital. 7. Having perused the petition and the annexures thereto, in my view the petition deserves to succeed and is accordingly made absolute in terms of prayer clause (a) to (c ) . 8. All concerned parties to act on ordinary copy of order and the form of minutes annexed to the petition being Exhibit-F duly authenticated by the Company Registrar, High Court (O. S.), Bombay. Petitioner to publish notices in the same newspapers and also in the Maharashtra Government Gazette about registration of form of minutes by the concerned Registrar of Companies, Pune. (Dr. D. Y. CHANDRACHUD J )