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2009 (4) TMI 440 - HIGH COURT OF BOMBAYReduction Share capital - sanction of the court to the Special Resolution passed by the company at its extraordinary general meeting held on 13-6-2003 seeked - Held that:- Once it is established that non-promoter shareholders are being paid fair value of their shares, at no point of time it is even suggested by them that the amount that is being paid is any way less and that even overwhelming majority of the non-promoter shareholders having voted in favour of the resolution shows that the court will not be justified in withholding its sanction to the resolution. Therefore, the learned Single Judge was in error in declining to grant sanction to the special resolution. In the result, therefore, the present appeal succeeds and is allowed. The order impugned in the appeal is set aside.
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