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2020 (8) TMI 428 - Tri - Companies LawReduction of share capital - section 66 of the Companies Act, 2013 - reduction on the ground that petitioner-company is not carrying on any business activities and has no immediate plans to revive the same - HELD THAT:- There is no objection from any quarter regarding the reduction of share capital as contemplated by the petitioner-company. The present petition seeking approval for reduction of capital is allowed as follows: (a) The special resolution approving the capital reduction as approved by the shareholders in the general meeting held on February 26, 2018 is hereby confirmed. The petitioner-company shall comply with all applicable laws and procedures in this regard. (b) The petitioner-company shall comply with all the applicable pro visions of the Income-tax Act, 1961 and all tax issues arising out of the application will be met and answered in accordance with law. (c) The petitioner-company shall submit an affidavit before the Registrar of Companies, Maharashtra, Mumbai, that the interests of the creditors and all other stakeholders are protected under the scheme. (d) The minute set forth in the schedule hereto is hereby approved. (e) The certified copy of this order including the minute as approved be delivered to the Registrar of Companies, Maharashtra, Mumbai, within thirty days of receipt of this order. (f) Paper publication confirming the reduction of share capital by this Tribunal be issued in the same newspapers in which publications were carried out earlier, within a period of thirty days from the date of this order.
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