Board resolution, reduction of share capital and filing of the petition

Extract from the minutes of the meeting of the Board of Directors of [ABC Private Limited] held on [Date of the Board meeting] at [Time of the Board meeting] at the registered office of the Company at [Company's registered office address]

REDUCTION OF THE ISSUED, SUBSCRIBED AND PAID-UP EQUITY SHARE CAPITAL OF THE COMPANY

The Chairman informed the Board that the issued, subscribed and paid-up equity share capital of the Company is Rs [Paid-up equity capital before the reduction (Rs)] divided into [Paid-up equity shares before the reduction (number)] equity shares of Rs [Face value of each equity share before the reduction (Rs)] each, fully paid up, and that the audited financial statements of the Company for the financial year ended [Year-end date of the latest audited financial statements] disclose [accumulated losses of Rs [____] / cash and cash equivalents of Rs [____] in excess of the present and reasonably foreseeable requirements of the business].