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Section 102 – The Companies Act,1956

The Companies Act, 1956

102. Order confirming reduction and powers of [Tribunal] on making such order.

102. Order confirming reduction and powers of 1[Tribunal] on making such order.The 1[Tribunal], if satisfied with respect to every creditor of the company who under section 101 is entitled to object to the reduction, that either his consent to the reduction has been obtained or his debt or claim has been discharged, or has determined, or has been secured, may make an order confirming the reduction on such terms and conditions as it thinks fit.

(2) Where the 1[Tribunal] makes any such order, it may

(a)if for any special reason it thinks proper so to do, 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 the last words thereof the words “and reduced”; and

(b)make an order requiring the company to publish as the 1[Tribunal] directs the reasons for reduction or such other information in regard thereto as the 1[Tribunal] may think expedient with a view to giving proper information to the public and, if the 1[Tribunal] thinks fit, the causes which led to the reduction.

(3) Where a 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 name of the company.

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1. Subs. by Act 11 of 2003, sec. 14, for “Court”.

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The Companies Act, 1956

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