https://www.taxtmi.com/caselaws?id=96802 An application to confirm reduction of share capital was treated as limited to the reduction itself, not to collateral complaints about the wider reorganisation or the validity of related resolutions. The Court accepted that the reduction had been approved by special resolution and supported by balance sheet evidence, profit and loss data, and testimony showing that paid-up capital had been lost or was not represented by available assets. It further noted that creditors were not affected, there was only one class of shareholders for the purpose of the reduction, and a possible future issue of shares did not make the reduction unfair. Confirmation was therefore granted as the reduction was proper, fair, and not unjust to shareholders. en-us Fri, 16 Jun 1939 00:00:00 +0530 Wed, 11 Jan 2012 12:26:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96802 An application to confirm reduction of share capital was treated as limited to the reduction itself, not to collateral complaints about the wider reorganisation or the validity of related resolutions. The Court accepted that the reduction had been approved by special resolution and supported by balance sheet evidence, profit and loss data, and testimony showing that paid-up capital had been lost or was not represented by available assets. It further noted that creditors were not affected, there was only one class of shareholders for the purpose of the reduction, and a possible future issue of shares did not make the reduction unfair. Confirmation was therefore granted as the reduction was proper, fair, and not unjust to shareholders. Case-Laws Companies Law Fri, 16 Jun 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96802