H.P Chaturvedi, Member - (1.) The instant application is filed by the applicant Jubilant Clinsys Limited, before this Tribunal under the provision of Section 66 of the Companies Act, 2013 by seeking following reliefs: I. The reduction of capital resolved on 16th day of December, 2016 by the special resolution as set out in paragraph 17 of the application be confirmed; II. The use of words 'AND REDUCED' in the name of the Company be dispensed with; III. The form of Minute under Section 66(5) of the Companies Act, 2013 as set out in Paragraph 24 hereinabove be approved;
(2.) The Petitioner Company was incorporated as a public company under the name of Jubilant Clinsys Limited on August 30, 2004. The Company is a scientifically focused contract research organization and is currently engaged in (a) providing pharmaceutical and biotechnology companies with services in support of Phase - I - IV drugs and providing services relating to data management/EDC, medical affairs, regulatory services etc.
(3.) It is stated that the Petitioner Company proposes to reduce its share capital by extinguishing and cancelling its Preference Shares, which have aggregate paid up value of Rs. 27,05,00,000; the Company proposes to pay Rs. 27,05,00,000 to the holders of 2,70,50,000 Preference Shares as on March 31, 2016.;