NCLT JUDGEMENT ON SECTION 133, 66, 66(1), 66(3), 66(5) OF THE COMPANIES ACT, 2013


In Re_ Economy Hotels India Private Limited Vs., (2020) 05 NCLT CK 0009

NCLT dismissed the application filed by the applicant under Section 66(1) of the Companies Act, 2013 for confirming the reduction of share capital While dismissing the application NCLT held that we observe that the company has not met the specific requirement of Section 66 of the Companies Act by passing 'Special Resolution' for reduction of share capital. The Company has also not complied with the requirements of its own Articles of Association. We are left with no choice but to reject the present application in view of the fact that there is no special resolution for reduction of share capital as prescribed under Section 66 of the Companies Act 2013 and as required in Article 9 of Articles of Association of the company. Section 66 of Companies Act also requires this Tribunal to approve the minutes of resolution passed by the Company which has been passed as ordinary resolution as against the requirement of special resolution [mentioned in Para 2(ii) above also as part of prayer]; the Tribunal is not in a position to approve such minutes in this case. Accordingly, we hereby reject the Petition. However, liberty is being given to petitioner to file fresh application after complying all the requirements of Section 66 of Companies Act.

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