In re Mahan Industries Limited (NCLT Ahmedabad)
NCLT Ahmedabad approved application filed u/s. 66 of the Companies Act, 2013 by Mahan Industries Limited for reduction of share capital as approved by the Shareholders by passing a Special Resolution.
Facts- This is an application filed under Section 66 of the Companies Act, 2013 seeking confirmation in the reduction of share capital of Mahan Industries Limited approved by the Shareholders by the Special Resolution.
Conclusion- Held that it is just and proper to confirm the Reduction of Share capital of the Petitioner Company as resolved by the members of the Company by passing a special resolution and by way of the consent in the form of affidavit. All compliances as are required to be done by the Applicant Company upon this order confirming the reduction of share capital and security premium reserve shall be duly complied with in relation SEBI, FEMA and Income Tax laws as may be applicable.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. This is an application filed under Section 66 of the Companies Act, 2013 seeking confirmation in the reduction of share capital of Mahan Industries Limited approved by the Shareholders by the Special Resolution.
2. The main objects of the Company as set out in the Clause of the Memorandum of Association of the Company are briefly reproduced as under;
i. To carry on business of trading investment, business of financial company, to undertake all types of leasing and hire purchase rental business relating to all kinds of machinery, plant equipment, ships, vehicles, air craft’s, buildings, houses, Syndicate leasing or hire purchase business, to undertake bill discounting business, and to finance housing Business and to finance for working Capital.
The details of the Memorandum of Association and Articles of Association of the Company are appended as Annexure – A.
