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NATIONAL COMPANY LAW TRIBUNAL
Smt. Anu Jagmohan Singh, Member (Technical), Shri Kishore Vemulapalli, Member (Judicial)
Adonis Electronics Private Limited – Appellant
Versus
Regional Director (WR) – Respondent
Headnote: Read headnote
ORDER
1. Heard Learned Counsel for the Petitioner Company and the representative from the Regional Director (WR).
2. Heard the Learned Counsel for the Petitioner Company. No objector has come before the Tribunal to oppose the Petition and nor has any party controverted any averments made in the Petition.
3. The Counsel for the Petitioner Company submits that Article 1 of the Articles of Association of the Petitioner Company read with Table A of the Companies Act , 1956 (corresponding to Table F of Schedule 1 of the Companies Act , 2013) empowers the Petitioner Company to reduce its preference share capital in any manner permitted by law from time to time and utilize balance available in Securities Premium Account, Capital Reserve and General Reserve
Reduction of share capital approved when statutory procedures followed and no objections raised.
Reduction of share capital under the Companies Act requires compliance with statutory provisions and shareholder approval.
The tribunal confirmed the validity of preference share capital reduction under the Companies Act, emphasizing shareholder approval and absence of creditor prejudice.
Approval of share capital reduction under Companies Act requires no objection from creditors and adherence to statutory provisions.
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