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2016 (3) TMI 1028 - HC - Companies LawReduction of share capital - Held that:- There appears to be no impediment to grant sanction to the resolution, passed by the shareholders, at their EGM held on 06.12.2014, for reduction of its share capital by a sum of ₹ 24,34,700, comprising of 243470 shares of ₹ 10 each, held by public shareholders. As indicated above, necessary power for reduction in share capital is contained in Article 48 of the Articles of Association of the petitioner company.For the foregoing reasons, as prayed, the resolution passed, at the EGM, held on 06.12.2014, by the shareholders of the petitioner company is approved. As the petitioner company has no secured and unsecured creditors, it is exempted from using the expression “AND REDUCED” as a suffix against its name.The fact that the petitioner company is not listed on any stock exchange, an averment which is not refuted by the RD, the SEBI, so to say, may not have any role to play in the present petition.
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