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2022 (1) TMI 362 - Tri - Companies LawReduction of Share Capital of Company - Section 66 of Companies Act - HELD THAT:- The present position of law, while dealing with the 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 normally deserves to be admitted. In the case of Elpro International Limited [2007 (6) TMI 292 - HIGH COURT OF BOMBAY], Hon'ble Bombay High Court has expressed that the question of reduction of share capital is the matter of domestic concern of the company. Further observed that decision for reduction is based on commercial consideration undertaken by the businessmen who are in the best position to know of the necessities and interests of the company concerned, in the absence of serious allegations as regards the bona fides of the proposed Scheme, the Courts are of the view that no interference in such decisions are acquired. It is ordered to confirm the reduction of share capital of Petitioner Company by approving the minutes of the EOGM commenced on 23rd January 2021 and concluded on 21st February 2021, wherein the members of the Petitioner Company resolved for the reduction of share capital of the Company, as prescribed U/s. 66 of the Companies Act, 2013 - the necessary alteration shall be made in the Memorandum of Association by the Petitioner Company for reduction of the amount of its share capital and of its shares, the copy of the altered Memorandum of Association and the minutes approved along with the order shall be delivered to the ROC by filing the E form INC, within 30 days of the receipt of copy of the Order.
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