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NATIONAL COMPANY LAW TRIBUNAL
SANJIV JAIN, Judicial Member, VENKATARAMAN SUBRAMANIAM, Technical Member
PEIRCE LESLIE INDIA LIMITED VS
| Table of Content |
|---|
| 1. petition details, company objects, capital structure, proposed reduction. (Para 1 , 2 , 3 , 4 , 5) |
| 2. rationale for reduction, valuation, board resolution, shareholder approval. (Para 6 , 7 , 8 , 9 , 10) |
| 3. no creditors, accounting compliance, no investigations. (Para 11 , 12 , 13 , 14 , 15 , 16) |
| 4. hearing, notices, rd report observations and compliances. (Para 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25) |
| 5. accounting treatment precedents and shareholder approval. (Para 26) |
| 6. selective reduction permissible with fair valuation. (Para 27 , 28 , 29) |
| 7. petition allowed, capital reduction confirmed. (Para 30 , 31 , 32 , 34) |
O R D E R
(Heard through Hybrid mode)
1. This Petition has been filed by Peirce Leslie India Limited under Section 66 and other applicable provisions of the Companies Act, 2013, seeking reliefs as follows:
a. Dispense with the requirement to give notice to creditors, as stipulated under Rule 3 of the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016;
b. That notices may be ordered to the Regional Director, Ministry of Corporate Affairs and the Registrar of Companies, Chennai as per Rule 3(1)(i) of the National
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