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of <h1>Court May Direct Creditor Objections on Share Capital Reduction; Rules 49-61 May Apply with Variations</h1> Where the court believes creditors or a class of them can object to a proposed alteration, it may issue directions regarding the settlement of the creditor list, service and publication of notices, hearing objections, and adjudicating claims. Rules 49 to 61 concerning petitions for confirming the reduction of share capital may apply as directed by the court, with necessary variations. The Company Law Board was granted these powers by the Companies (Amendment) Act, 1974, effective from February 1, 1975.
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