https://www.taxtmi.com/caselaws?id=97320 A resolution to reduce share capital remained valid where the required quorum existed when the meeting proceeded to business, although a shareholder later departed before the vote. Articles 46, 52 and 53 of the articles of association were interpreted according to their specific language: Article 52 required a quorum at the commencement of business, while Article 53 addressed failure to obtain an initial quorum and did not impose a continuing quorum requirement during voting. A contrary Scottish authority was distinguished because it involved different circumstances and constitutional provisions. The capital-reduction petition could therefore proceed on its merits. en-us Mon, 29 Nov 1954 00:00:00 +0530 Mon, 16 Jan 2012 12:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97320 A resolution to reduce share capital remained valid where the required quorum existed when the meeting proceeded to business, although a shareholder later departed before the vote. Articles 46, 52 and 53 of the articles of association were interpreted according to their specific language: Article 52 required a quorum at the commencement of business, while Article 53 addressed failure to obtain an initial quorum and did not impose a continuing quorum requirement during voting. A contrary Scottish authority was distinguished because it involved different circumstances and constitutional provisions. The capital-reduction petition could therefore proceed on its merits. Case-Laws Companies Law Mon, 29 Nov 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97320