COMP/135/2011 13/49 ORDER or holds only few shares it does not mean that such minority shareholder has no locus and/or that his objection should not be considered or should be or can be ignored. If any of the objections, even by a solitary or singular shareholder or shareholders holding only one share or couple of shares is found to be substantial or of such nature or scope or gravity which may persuade the Court to take different view or hold back the sanction, then such objection has to be given due weightage and consideration. 4.4. So far as the objections raised by the aforesaid shareholder who appeared before the Court are concerned, the company has filed its response and with reference to the said shareholder's submission that though the petitioner transferee company is a profit making company it has not declared dividend, the company has in its reply, submitted that it is in process of developing several power projects and therefore the Board of the company considered it appropriate to not to distribute the earnings and instead to conserve the resources for development of projects. It appears that since the inception – incorporation of the petitioner transferee company and until now i.e. all along the Annual Reports of the company have been approved by the Annual General Meeting of the members of the company and that therefore the Board's decision (of distributing profit and not declaring – paying the dividend) is said to have been ratified and approved and Downloaded on : Fri Jan 27 19:33:28 IST 2023