IN RE Vs. VARROC ENGINEERING PRIVATE LIMITED

JUDGEMENT

(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 Application.

(2.) The Counsel for the Petitioner Company submits that no representation have been received from the Central Government through the office of Regional Director or the Registrar of Companies or the Creditors within the said period, and therefore it is presumed that they have no objection to the reduction of share capital.

(3.) The Counsel for the Petitioner Company further submits that Article 7 of the Articles of Association empowers the Petitioner Company to reduce its share capital.