(1.) The present application is placed before me for directions inter alia seeking direction that the provisions of section 101 (2) and procedure set out therein should not applied to the reduction of the capital due to adjustment of share premium account and Capital Redemption Reserve account of the applicant with the accumulated losses of the company. The applicant company has passed a special resolution in terms aforestated on 20-12-2004 and in terms of section 100 and section 101 of the Act seeks confirmation thereof from this Court.
(2.) This application raises a very interesting question of law as to the interpretation of the provisions of sub-section (2) of section 101 of the Companies act, 1 of 1956.
(3.) Some of the few facts which are necessary for determination of the aforesaid question of law. I have briefly enumerated as under :
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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