https://www.taxtmi.com/caselaws?id=96767 Petition seeks judicial sanction for a company's proposed 45% capital reduction and an adjustment of a deceased shareholder's indebtedness against shares. The note explains that reductions authorised by the company's articles and adopted by special resolution will be sanctioned where independent valuation evidence shows assets are not overstated, the reduction is bona fide for commercial and protective purposes, minority interests are safeguarded, and procedural convening for the adjourned meeting was valid despite intervening statutory amendment. Outcome: court sanction is appropriate and granted for both the general reduction and the specific adjustment against the deceased shareholder's liability. en-us Mon, 13 Jun 1938 00:00:00 +0530 Fri, 16 Mar 2012 19:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96767 Petition seeks judicial sanction for a company's proposed 45% capital reduction and an adjustment of a deceased shareholder's indebtedness against shares. The note explains that reductions authorised by the company's articles and adopted by special resolution will be sanctioned where independent valuation evidence shows assets are not overstated, the reduction is bona fide for commercial and protective purposes, minority interests are safeguarded, and procedural convening for the adjourned meeting was valid despite intervening statutory amendment. Outcome: court sanction is appropriate and granted for both the general reduction and the specific adjustment against the deceased shareholder's liability. Case-Laws Companies Law Mon, 13 Jun 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96767