AMBICA MILLS LTD. Vs. STATE
HIGH COURT OF GUJARAT
AMBICA MILLS LTD.
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S.B.MAJMUDAR, J. -
(1.) THIS is an application under section 151 of the Code of Civil Procedure read with rule 9 of the Companies (Court) Rules, 1959, invoking the inherent powers of this court with a view to enabling applicants to get certain remarks made by me in my judgment dated November 19, 1981, in Company Petition No. 49 of 1978 with Company Application No. 115 of 1981, expunged.
(2.) IN order to appreciate the grievance of the applicants in the present application, it is necessary to note a few relevant facts leading to the aforesaid company petition which came to be disposed of by me by the aforesaid judgment.
Relevant facts, undisputed and/or well -established facts on record. - The present three applicants are the managing director of Shri Ambica Mills Ltd., a public limited company earlier registered under the Indian Companies Act, 1913, and then governed by the provisions of the Companies will mention Ambica Mills Ltd. as petitioning company which had filed Company Petition No. 49 of 1978 before this court; while the three applicants will be referred to as the managing directors of the company or managing directors for short.
(3.) BY way of Company Petition No. 49 of 1978, the petitioning company moved this court under section 101 of the Companies Act, 1956, for getting an order of confirmation regarding reduction its equity share capital. The grounds sought to be made out in the said company petition were to the effect that the paid -up share capital of the company was in excess of its wants and that the company had decided to reduce its equity share capital. That with end in view, the company had passed a special resolution dated June 1, 1978, to return to the holders of the equity shares paid -up capital to the extent of Rs. 13 per share by reducing the nominal value of the said equity shares from Rs. 100 to Rs. 87 per share by repayment of a sum of Rs. 8.11 in cash against each equity share and by distribution to the shareholders of 41,851 equity shares of Shri Arbuda as mentioned in the said special resolution. The company's case was that the requisite resolution was passed by three -fourths majority in the meeting of equity shareholders of the company. The company application before this court under section 101(2) was filed on June 29, 1978, which was registered as Company Petition No. 49 of 1978. * * *;
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