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2019 (5) TMI 1894 - NATIONAL COMPANY LAW TRIBUNAL, BENGALURUReduction of capital resolved by the special resolution - Sections 66 and 52 of the Companies Act, 2013, R/ w Rule 2(1) and Rule 3 of the NCLT (Procedure for Reduction of Share Capital of Company) Rules, 2016 - HELD THAT:- The Petitioner has published Notice in Form RSC-4 in English daily "Hindu" and Kannada daily "Kannada Prabha" on 28.11.2018. The observations/ opinions made by ROC as briefly stated supra, are satisfactorily answered by the Petitioner and thus the Tribunal is satisfied with the Company's proposal for Reduction of the Share Capital in question and deserves to be allowed as it followed the extant objects and procedure of the Company as detailed in its Memo and Articles of Association of the Company and also complied with all statutory requirement as set out in Section 66 of the Companies Act, 2013 and the extant rules made thereunder. Moreover, it would not in any way adversely affect the ordinary operations of the Company or the ability of the Company to honour its commitments or to pay its debts in the ordinary course of its business. It is hereby approved and confirmed the reduction of capital as approved by the Board of Directors of the Company in their meeting held on November 13, 2017 as set out in paragraph No. 8 of Company petition - Petition disposed off.
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