R.P. Nagrath, Member - (1.) The instant application has been filed by the applicant SK E & C India Private Limited under the provisions of Section 66 of Companies Act, 2013 seeking the following reliefs:- "a) Pass an order for, and/or confirming the reduction of share capital of the Company in terms of the present application and as resolved on 02.02.2017 by the special resolution by members of the Company set out in the paragraph 10 above; b) Give any direction necessary and proper be made and given; c) Approve the proposed minutes; and d) Pass any and such further orders as the Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the instant case."
(2.) In respect of the prayers above, the applicant has made an averment in paragraph 10 to the effect that on 02.02.2017 a Special Resolution was passed by the shareholders of the applicant company at the Extraordinary General Meeting held on the said date at the registered office of the Company under Section 66 of the Companies Act, 2013 whereby the share capital of the applicant company has been consented to be reduced from Rs. 17,80,58,650/- {Rupees seventeen crores eighty lakhs fifty eight thousand six hundred and fifty only) divided into 1,78,05,865 (One crore seventy eight lakhs five thousand eight hundred sixty five only) equity shares of Rs. 10/- each to Rs. 1,30,58,650/- (Rupees one crore thirty lakhs fifty eight thousand six hundred fifty only) divided into 13,05,865 (Thirteen lakhs five thousand eight hundred sixty five) equity shares of Rs. 10/- each and Reserves of Rs. 11,81,28,097/- (Rupees eleven crores eighty one lakhs twenty eight thousand and ninety seven only) to Rs. 98,06,172/-. (Rupees ninety eight lakhs six thousand one hundred seventy two only).
(3.) It is further averred in the application that in view of the fact that the oil and gas business in which the applicant Company is engaged has seen a slump in its growth and as the applicant does not have any current projects to undertake and execute, both on the other hand, it is having share capital in excess of what is required to run the affairs of the Company, the applicant Company through the above Special Resolution passed on 02.02.2017 has decided to reduce the share capital of the Company under Section 66 of the Companies Act, 2013. It is also submitted by the applicant Company that the proposed reduction in share capital does not involve any extinction or reduction of any liability in respect of unpaid share capital or any paid up capital which is lost or is unrepresented by available assets.;