IN RE: COUNT N. DENIER (INDIA) LTD. Vs. STATE

JUDGEMENT

(1.) THE above captioned company petition has been filed by the petitioner under section 79 of the Companies Act, 1956, praying therein to permit the petitioner for issuing 3,00,00,000 equity shares of Rs. 10 each, i.e., at a discount of 85 per cent as resolved by a resolution of the company through postal ballot declared on August 23, 2013. The facts of the case as set out in the petition may be summarised here as under:

(2.) I have heard the learned authorised representative appearing for the petitioner and perused the record.

(3.) FROM the bare perusal of the said provision it is thus clear that normally the Company Law Board shall not sanction a higher percentage beyond 10 per cent unless there are special circumstances.