M.K. Shrawat, Member - (1.) Heard the learned counsel for the Petitioner Company. No objector has come before the Tribunal to oppose the Petition and nor any party has controverted any averments made in the Petition.
(2.) The Counsel for the Petitioner submit that no representation have been received from the Central Government through Regional Director or the Registrar of Companies or the Creditors within the said period, it is therefore presumed that they have no objection to the reduction of share capital.
(3.) By article(s) 39 of the Articles of Association of the Company, it is provided that the company may, by special resolution, reduce its capital authorised by law, mentioned below; "The company may, subject to the provisions of the Act, from time to time, by special resolution, reduce its Capital, any Capital Redemption Reserve Account and the Securities Premium Account, in any manner for the time being authorized, by law.";