RICOH COMPANY LIMITED Vs. RIOCH INDIA LIMITED AND ORS
NATIONAL COMPANY LAW TRIBUNAL
RICOH COMPANY LIMITED
RIOCH INDIA LIMITED AND ORS
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(1.)R1 Company filed IA 73/2016 for clarification on the order passed by this Bench on 24. 08-2016 for BSE wrote a letter dated 21.09.2016 that there being no order to reduce the shareholding ignoring the procedure set out u/s. 100-104 of 1956 Act, the Company will be required to comply with the procedure set out u/s. 100-104 of 1956 Act.
(2.)To which, the petitioner has sought clarification that the company need not follow the procedure laid u/s. 100-104 of 1956 Act, when this Bench passed an order u/s. 242(2)(C) of the Companies Act 2013/402(c) of the Companies Act 1956 for cancellation of the shares of the company which ultimately led to reduction of share capital in the Company.
(3.)The company counsel, to drive this point, relied upon Cosmosteels Pvt. Ltd. v. Jairam Das Gupta, 1978 1 SCC 215 (FB) to say that when cancellation of shares is ordered by invoking Section 402 of the Companies Act 1956, basing on para 6 & 8 of the citation, the procedure set out u/s. 100-104 of the Act 1956 need not be followed.
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