https://www.taxtmi.com/caselaws?id=101589 A company's proposed reduction of paid-up share capital under the Companies Act, 1956 was confirmed after the Court found the scheme authorised by the articles, supported by a special resolution, and aimed at writing off accumulated losses and presenting a true and fair capital structure. The creditors had been notified, many issued no-objection letters, and no material showed the proposal to be unjust or unfair. The company also offered a bank guarantee to secure dissenting creditors, and the proposed reduction was confirmed with approval of the minutes. en-us Fri, 21 Nov 1986 00:00:00 +0530 Fri, 10 Feb 2012 12:55:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101589 A company's proposed reduction of paid-up share capital under the Companies Act, 1956 was confirmed after the Court found the scheme authorised by the articles, supported by a special resolution, and aimed at writing off accumulated losses and presenting a true and fair capital structure. The creditors had been notified, many issued no-objection letters, and no material showed the proposal to be unjust or unfair. The company also offered a bank guarantee to secure dissenting creditors, and the proposed reduction was confirmed with approval of the minutes. Case-Laws Companies Law Fri, 21 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101589