https://www.taxtmi.com/caselaws?id=97668 Capital reduction may cancel paid-up capital lost or unrepresented by available assets, including part of such lost capital, where loss is supported by balance sheets and affidavit evidence. A scheme of arrangement may reorganise share capital and modify preference shareholders' rights under the Companies Act, 1956, without separate use of class-rights procedures, if the reduction requirements are met. Fairness depends on the scheme as a whole, including absence of creditor prejudice, treatment of affected shareholders, and whether an honest and intelligent class member could reasonably approve it. en-us Tue, 11 Aug 1959 00:00:00 +0530 Tue, 17 Jan 2012 16:09:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97668 Capital reduction may cancel paid-up capital lost or unrepresented by available assets, including part of such lost capital, where loss is supported by balance sheets and affidavit evidence. A scheme of arrangement may reorganise share capital and modify preference shareholders' rights under the Companies Act, 1956, without separate use of class-rights procedures, if the reduction requirements are met. Fairness depends on the scheme as a whole, including absence of creditor prejudice, treatment of affected shareholders, and whether an honest and intelligent class member could reasonably approve it. Case-Laws Companies Law Tue, 11 Aug 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97668