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NATIONAL COMPANY LAW TRIBUNAL
MS. REETA KOHLI, Member (Judicial), MS. MADHU SINHA, Member (Technical)
Sclowy Asset Reconstruction Private Limited – Appellant
Versus
Regional Director – Respondent
| Table of Content |
|---|
| 1. representation and lack of objections to the petition. (Para 1 , 8 , 9) |
| 2. details about the petition for reduction of share capital. (Para 2 , 3 , 4) |
| 3. statutory compliance and observations from regulatory authorities. (Para 5 , 7) |
| 4. conclusion and grant of approval for the capital reduction. (Para 10 , 11 , 12 , 13 , 14) |
ORDER
1. Heard the Learned Counsel for the Petitioner Company. No objector has come before the Tribunal to oppose the Petition, nor any party has controverted any averments made in the Petition.
2. The Learned Counsel for the Petitioner Company submits that the Board vide its meeting held on 21/02/2022 proposed to carry out reduction of its equity share capital, after considering the cash flow, capital requirement and other business factors, decided to reduce its paid-up share capital which is more than the wants of the Company for its business operations.
3. The Learned Counsel for the Petitioner Company submits that this Petition is for confirmation of a special resolution passed by the Petitioner Company for reduction of the Issued, subscribed and paid- up equity share capital of the Company from existing INR 2,00,00,000/- (Rupees Two Crore Only)
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