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2020 (10) TMI 339 - NATIONAL COMPANY LAW TRIBUNAL — AHMEDABAD BENCHReduction of equity share capital - repayment of the fair value of the shares to the small equity shareholders - section 66 read with section 52 of the Companies Act, 2013 - HELD THAT:- After the first hearing of the petition further clarifications were sought by this Tribunal vide order dated July 16, 2020. The further affidavit dated August 4, 2020 provided the detailed working of the valuation report as well as other clarifications sought. Having perused the petition and more particularly the reasons given in support of the proposed reduction, in our view there is no reason not to confirm the proposed action of the petitioner to reduce its capital. The said proposal does not prejudicially affect anyone. Accordingly the resolution dated January 28, 2020 is hereby confirmed. It has been noticed by this Tribunal that a caveat was filed on behalf of some shareholder/s. The petitioner has confirmed the supply of copy of the application with all its annexures in the month of March. However, no further submissions have been forwarded by the said party even after the lapse of the prescribed period of 90 days for filing the objections. Reduction of share capital allowed - application approved.
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