Section 133 Companies and Allied Matters Act 2020

Section 133 CAMA 2020

Section 133 Companies and Allied Matters Act is about Court order confirming reduction. It is under Reduction of Share Capital of Chapter 7 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Court order confirming reduction

(1) The Court, if satisfied—
(a) with respect to every creditor of the company who under section 132 is entitled to object to the reduction of capital, that either—
(i) his consent to the reduction has been obtained, or
(ii) his debt or claim has been discharged or determined or secured ; and

(b) that the share capital does not by this reduction fall below the minimum issued share capital, may make an order confirming the reduction on such terms and conditions as it deems fit.

(2) Where the Court so orders, it may also—
(a) if for any special reason it considers it proper to do so, make an order directing that the company shall, during such period (commencing on or at any time after the date of the order) as is specified in the order, add to its name as its last words “and reduced”; and

(b) make an order requiring the company to publish (as the court directs) the reasons for reduction of capital or such other information in regard to it as the court considers expedient with a view to giving proper information to the public and (if the court deems fit) the causes which led to the reduction.

(3) Where the company is ordered to add to its name the words, “and reduced”, those words shall, until the expiration of the period specified in the order, be deemed to be part of the company’s name.

See also  Section 176 Companies and Allied Matters Act 2020

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