Cancellation of Shares - SR

Special Resolution For Cancellation Of Shares

“RESOLVED THAT pursuant to Section 61(1)(e) and other applicable provisions, if any, of the Companies Act, 2013, and article____ of the articles of association of the company, the authorised share capital of the company be and is hereby reduced from ` ________/- (Rupees _______) divided into ________ (______) equity shares of ` __/- (Rupees ___) each to ` ________ (Rupees ______) divided into _______ (________) equity shares of ` __/- (________) each by cancelling _______ (_________) equity shares of ` __/- (Rupees ___) each, which have not been taken or agreed to be taken by any person and consequently Clause V (share capital clause) of the memorandum of association of the company be and is hereby substituted with the following:

“V. The authorised share capital of the company is ` _________ (Rupees _______) divided into _______ (_________) equity shares of ` __/- (Rupees ___) each.”

Explanatory Statement;

The company was incorporated on ______ with an authorised share capital of ` __________/- (Rupees ________) divided into _________ (________) equity shares of ` __/- (Rupees ___) each. The present issued, subscribed and paid-up share capital of the company is ` ________/- (Rupees _________) divided into _________ (_______) equity shares of ` __/- (Rupees ___) each. The company has no proposal at hand which would require additional capital. The Board of directors of the company, at its meeting held on _______ had resolved to reduce the authorised share capital of the company by cancelling _______ (__________) equity shares of ` __/- (Rupees ___) each, which have not been taken or agreed to be taken by any person. Therefore, the proposed special resolution is before the shareholders of the company for their consideration and approval.

None of the directors of the company is interested in the proposed resolution.