https://www.taxtmi.com/caselaws?id=96767 Capital-reduction resolutions remained procedurally valid because the original meeting was properly convened under the applicable rules, its adjournment complied with the articles, and a subsequent statutory amendment did not invalidate the continued meeting. No separate confirmatory meeting was required under the law then in force, so the resolution became final at the adjourned meeting. Judicial sanction for a general capital reduction and adjustment of a deceased shareholder's debt against shares was supported by independent asset valuation, expected reserves and dividends, liquidity, bona fide commercial reasons, and protection of minority interests. The company's articles authorised the reduction, which was validated and sanctioned. 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 Capital-reduction resolutions remained procedurally valid because the original meeting was properly convened under the applicable rules, its adjournment complied with the articles, and a subsequent statutory amendment did not invalidate the continued meeting. No separate confirmatory meeting was required under the law then in force, so the resolution became final at the adjourned meeting. Judicial sanction for a general capital reduction and adjustment of a deceased shareholder's debt against shares was supported by independent asset valuation, expected reserves and dividends, liquidity, bona fide commercial reasons, and protection of minority interests. The company's articles authorised the reduction, which was validated and sanctioned. Case-Laws Companies Law Mon, 13 Jun 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96767