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2021 (12) TMI 794 - Tri - Companies LawReduction of share capital of Company - Section 66 of the Companies Act, 2013 r/w National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016 - HELD THAT:- The present position of law, while dealing with provisions of Section 66 is that if none of the shareholders are objecting for the proposed reduction, then after considering the merits of the case as also connected facts and circumstances such petition generally deserves to be admitted. It is hereby ordered to confirm the reduction of paid up share capital of the Petitioner Company by approving the minutes of AGM dated 25.09.2019 wherein the members of the Petitioner Company resolved for the proposed reduction of the Paid-up Share Capital of the Company by cancelling the extinguishing Paid-up Equity Share Capital of ₹ 9,20,00,000/- divided into 92,00,000 Equity Shares of ₹ 10/- each fully paid up, from ₹ 1,21,19,66,320/- divided into 12,11,86,482 Equity Shares of ₹ 10/- each to ₹ 1,11,99,66,320/- divided into 11,19,86,482 Equity Shares of ₹ 10/- each fully paid up. The necessary alteration shall be made in the Memorandum of Association by the Petitioner Company for reduction of the paid-up share capital - Application allowed.
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