Sumeet Industries Ltd gets approval for Reduction of Capital

The Petition filed by Sumeet Industries Ltd U/s. 78, 100 & 101 of the Companies Act, 1956 before the Hon'ble High Court of Gujarat on dated January 25, 2008 for seeking reduction of capital by Rs. 75,00,000/- (i.e. 25,00,000/- share capital and Rs. 50,00,000/- share premium) allotted to M/s. Vishvas Infrastructure Limited has been confirmed by an order dated November 19, 2013 of the Hon'ble High Court of Gujarat, Ahmedabad passed in petition number 30 of 2008 and the said order has been registered with Registrar of Companies, Gujarat on dated January 09, 2014.

Pursuant to the said High Court order, the existing issued, subscribed and paid up Equity Capital of the Company shall be reduced from Rs. 58,28,97,380/- divided in to 5,82,89,738 Equity Shares of Rs. 10/- (Rupees Ten only) each fully paid up to Rs. 58,03,97,380/- divided in to 5,80,39,738 Equity Shares of Rs. 10/- (Rupees Ten only) each fully paid up and that such reduction be effected by canceling 2,50,000 equity shares of Rs. 10/- each amounting to Rs. 25,00,000/-.

Consequent to such reduction, the equity share capital of the Company will be Rs. 58,03,97,380/- divided in to 5,80,39,738 Equity Shares of Rs. 10/- (Rupees Ten only) each.

Shares of Sumeet Industries Ltd was last trading in BSE at Rs.19.95, down by Rs.2.55 or 11.33%. The stock hit an intraday high of Rs.22.85 and intraday low of Rs.19.50.

The total traded quantity was 1.05 lakh shares as compared to 2 week average of 3.34 lakh shares.

Source : Equity Bulls

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