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2022 (10) TMI 813 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCHReduction of shares of only one shareholder - Seeking cancelling/ extinguishing fully paid up equity shares - Section 66 read with National Company Law Tribunal (Procedure for Reduction of Share Capital) Rules, 2016 - HELD THAT:- The Reduction of the Share Capital in present case is approved by the Shareholders of the Company unanimously by way of a Special Resolution. It is settled law that the question of reduction of Share Capital will be treated as a matter of domestic concern i.e., it is the decision of the majority which prevails. If majority by Special Resolution decides to reduce the Share Capital of the Company, it also has the right to decide as to how this reduction should be carried into effect. In the instant case, admittedly, the reduction of Share Capital is approved unanimously by the Shareholders by way of a Special Resolution. Perused documents on record, as there are no adverse observation made by the Regional Director, Registrar of Companies and the Income Tax Department and in view of all necessary compliances for making the proposed reduction, also no objections from creditors, shareholders or any other stakeholders received, this application deserves to be allowed. The reduction of equity share capital resolved on 25.02.2022 by the special resolution is hereby allowed - Application allowed.
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