https://www.taxtmi.com/caselaws?id=97012 Preference shareholders' winding-up rights depended on the articles read as a whole. Provisions on dividends, reserves, capitalisation of profits and liquidation limited them to preferential dividends and priority repayment of paid-up capital; the winding-up clauses exhaustively defined their entitlement, leaving surplus assets to ordinary shareholders. A proposed capital reduction was not unfair merely because liquidation was imminent or a separate statutory compensation regime might later affect relative positions. The statutory regime did not remove Companies Act jurisdiction or create a certain enforceable right to improved treatment. Returning paid-up capital through the reduction was therefore fair and equitable. en-us Fri, 06 May 1949 00:00:00 +0530 Fri, 13 Jan 2012 16:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97012 Preference shareholders' winding-up rights depended on the articles read as a whole. Provisions on dividends, reserves, capitalisation of profits and liquidation limited them to preferential dividends and priority repayment of paid-up capital; the winding-up clauses exhaustively defined their entitlement, leaving surplus assets to ordinary shareholders. A proposed capital reduction was not unfair merely because liquidation was imminent or a separate statutory compensation regime might later affect relative positions. The statutory regime did not remove Companies Act jurisdiction or create a certain enforceable right to improved treatment. Returning paid-up capital through the reduction was therefore fair and equitable. Case-Laws Companies Law Fri, 06 May 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97012