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2016 (7) TMI 1656 - BOMBAY HIGH COURTReduction of Share Capital - Section 100 to 105 of the Companies Act, 1956 - HELD THAT:- In view of the averments made in paragraph 20 to 24 of the Affidavit in Support of Company Summons for Direction, inter-alia stating that there are no Secured Creditors in the Applicant Company and that the unsecured creditor has given its consent in writing for the proposed reduction which is attached to the Affidavit in Support of Company Summons for Direction as Exhibit L and that the proposed reduction would not in any way adversely affect the interest of any of the Applicant Company’s creditors or the ordinary operations of the Applicant Company in the ordinary course of its business and that there is no compromise or arrangement with any of the creditors of the Applicant Company as there is no reduction in the amount payable to any of the creditors of the Applicant Company. In view of above, the procedure prescribed under Section 101(2) of the Companies Act, 1956 is dispensed with.
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