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2010 (6) TMI 325 - HC - Companies LawSanction and confirmation with regard to the special resolution passed by the Petitioner’s shareholders in its Extraordinary General Meeting ("EGM") held on 15-10-2009, for the reduction of its equity share capital seeked Held that:- In the present case, the Petitioner-Company does not have any secured creditors as set out hereinabove. Not a single unsecured creditor has raised objection qua the reduction in capital proposed by the Petitioner-Company. The hearing of the petition was advertised by the Petitioner-Company as directed by this Court in two local newspapers and in the Maharashtra Gazette. However, except for Mr. Lakhani, none of the public shareholders have come forward to oppose the petition. I find that the valuation of the shares by the Petitioner-Company is therefore also accepted by all the shareholders and creditors with the single exception of Mr. Lakhani. Mr. Lakhani himself has also not attributed any motives to Grant Thornton nor commented on its independent professional status or competency. In fact, the Petitioner-Company has taken the pains of getting a response of Grant Thornton to every objection raised by Mr. Lakhani pertaining to the valuation carried out by Grant Thornton. The report of Grant Thornton sets out the basis for arriving at the final opinion. The report clearly mentions that valuation is done by giving predominant weightage to the value computed under the Market Multiple Method and Discounted Cash Flow Method, with a lower weight being given to the value computed under the NAV method. Thus Company Scheme Petition is allowed
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