(2)[On such an application being made] [Substituted for 'In any suit instituted under this section' by section 26 of the Madras Estates Land (Amendment) Act, 1934 (Madras Act VIII of 1934.], the Collector may direct such reduction of the rent as he thinks fair and equitable and, in setting the amount of reduction under clause (c) of sub-section (1), shall have regard to the considerations specified in clauses (a), (b), (c) and (d) of section 31.
