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As per the Resolution Plan approved by Hon’ble National Company Law Tribunal, Ahmedabad Bench,:-
The Resolution Plan proposes to undertake cancellation/extinguishment and capital reduction of existing equity capital, in the following manner:
i. Extinguishment of existing Promoter Shareholding:-
Cancellation and extinguishment of the entire shareholding of the erstwhile promoters and promoter group of Corporate Debtor without any payout. The cancellation shall not require any payment by the Corporate Debtor to the promoter’s shareholding.
ii. Cancellation and Reduction of existing Public Shareholding:-
Cancellation of the Public Shareholders shares, other than existing promoters to the extent of 95% of their shareholding as on Record date. In other words, the Corporate Debtor shall issue and allot One Equity Share of Rs.10/- each for every 20 Equity Shares held by the public shareholders other than existing promoters i
The cancellation shall not require any payment by the Corporate Debtor to any of the shareholders except by issue of Equity Shares of Rs.10/- each to the public Shareholders other than existing promoters as per the ratio mentioned above as on the Record Date.
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