https://www.taxtmi.com/caselaws?id=96695 A reduction-of-capital petition may be supported by a clear showing that capital has been lost, and such loss is not the only jurisdictional condition for relief. Where the petition and affidavit state that capital was lost, and that factual assertion is not disputed, the Court may treat the loss as established. A special resolution authorising reduction is not invalid merely because voting shareholders are later challenged, if the register of members remains unrectified and stands as prima facie evidence of membership. On those facts, the company was entitled to proceed with the proposed reduction. en-us Wed, 13 Nov 1935 00:00:00 +0530 Tue, 10 Jan 2012 13:25:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96695 A reduction-of-capital petition may be supported by a clear showing that capital has been lost, and such loss is not the only jurisdictional condition for relief. Where the petition and affidavit state that capital was lost, and that factual assertion is not disputed, the Court may treat the loss as established. A special resolution authorising reduction is not invalid merely because voting shareholders are later challenged, if the register of members remains unrectified and stands as prima facie evidence of membership. On those facts, the company was entitled to proceed with the proposed reduction. Case-Laws Companies Law Wed, 13 Nov 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96695