1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SCHEME PETITION NO: 755 OF 2010 Coram: S. J. Vazifdar J. Date: 8th April, 2011 Mr. Kezer Kharawala i/b. R.K. Associates, Advocates for the Petitioners. P.C: 1. Heard learned counsel for the parties. 2. The Petition is filed for the purpose of seeking confirmation of this Court in respect of Special Resolution passed by the Equity Shareholders of the Petitioner Company at the Annual General Meeting held on 30th July, 2010 and for In the matter of Companies Act, 1956 AND In the matter of Sections 78, 100 to 104 of the Companies Act, 1956. AND In the matter of reduction of share capital of Hybrid Financial Services Limited (Previously known as Mafatlal Finance Company Limited). Hybrid Financial Services Limited, A Company incorporated under the Companies Act, 1956 and having its Registered Office at Shopping Centre, Flat No. K3/4, 2nd floor, Sector 15/16, Vashi, Navi Mumbai-400703. ] ] ] ] ] ] .. Petitioners 2 obtaining sanction of the court to the reduction of the shares capital of Petitioner Company by cancellation of 1,18,45,425 shares of Rs. 10/- each originally paid up by reducing the face value of the shares from Rs.10/- to Rs.5/- each and utilizing the shares premium of Rs. 56,26,16,347/- towards the accumulated loss. 3. The reasons of the reduction of capital are stated in paragraph 7 to 20 of the petition. The Board of Directors approved the resolution for reduction of share capital in its meeting held on 30th July, 2010. 4. The Petitioners have complied with all statutory requirements as per direction of this court and they have filed necessary affidavits of compliance in the court. Moreover, the petitioner company undertakes to comply with statutory requirements, if any, as required under the companies act, 1956 and the rules made there under. The undertaking is accepted. 5. None of the parties concerned have come forward to oppose the proposed reduction of share capital. Since, the requisite statutory procedure has been fulfilled; the petition is made absolute in term of prayer clause (a) and (b). 6. The petitioner to publish notice in the same newspaper i.e. Maharashtra Times in Marathi and Free Press Journal in English and also in the Maharashtra government Gazette about registration of order and minutes of reduction by the concerned Registrar of Companies, Mumbai, within 21 days from the date of registration. 3 7. Filling and issuance of the drawn up order is dispensed with. 8. All authorities concerned to act on a copy of this order along with Form of Minutes annexed to the petition, duly authenticated by the Company Registrar, High Court, Bombay. (S.J. Vazifdar J) 4