By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
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-Cumulative Redeemable Preference Shares ("PS") of ₹10 each, allotted on 28.03.2019 and outstanding as on 31.03.2024.
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