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Feature Wise Listing for 2024-25

October 2025

Company Law

By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary

Reading Time 11 mins

14. In the matter of:

Modern Hi-Rise Private Limited

Before Nclt Kolkata Bench, Court-Ii, Kolkata

C.P. No. 238/KB/2024

Date of Order: 9.9.2025

Reduction of Capital in any manner for the time being authorised by law: Does it allow transfer of amounts standing to the credit of Securities Premium to the Retained Earnings of the Company? Held: No

FACTS

Capital Reduction Petition was filed by the Petitioner Company pursuant to the NCLT Order dated 1.03.2019. NCLT had approved the Composite Scheme of Arrangement in the case of Himadri Dyes & Intermediates Limited ('Transferor Company 1'), Himadri Industries Limited ('Transferor Company 2') and Himadri Coke & Petrol Limited ('Transferor Company 3°) with Modern Hi - Rise Private Limited rans 'MHPL') i.e. the Petitioner Company (Company). As per the terms of the Scheme, the Company had issued 1,41,34,192 1% Non-C
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