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2022 (1) TMI 112 - NATIONAL COMPANY LAW TRIBUNAL , CHANDIGARH BENCHReduction in the share capital - Section 66(1) of the Companies Act, 2013 - HELD THAT:- The present position of law, while dealing with the provisions of Section 66 (Old Sections 100-104 of Companies Act, 1956) 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 LTD., IN RE [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. 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 has also been observed that considering the commercial aspect of the decision it is not permissible for the Court to come to the conclusion that the exit opportunity offered is inequitable and unjust. It is ordered to confirm the reduction of share capital of Petitioner Company by approving the minutes of the EOGM - the scheme is approved - application allowed.
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