https://www.taxtmi.com/caselaws?id=109424 Reduction of a company's securities premium account may be confirmed where the articles authorise it, shareholders approve it by special resolution, and it serves a bona fide restructuring purpose such as writing off losses or expenditure without cash outflow. Creditor-listing and notice procedures may be dispensed with where secured creditors consent, their claims are not reduced, and the restructuring does not prejudice debt-servicing capacity or ordinary operations. The requirement to add "and reduced" to the company name may also be waived where no shareholder payment, creditor impairment, or adverse financial effect arises. en-us Tue, 23 Sep 2003 00:00:00 +0530 Tue, 10 Apr 2012 10:20:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109424 Reduction of a company's securities premium account may be confirmed where the articles authorise it, shareholders approve it by special resolution, and it serves a bona fide restructuring purpose such as writing off losses or expenditure without cash outflow. Creditor-listing and notice procedures may be dispensed with where secured creditors consent, their claims are not reduced, and the restructuring does not prejudice debt-servicing capacity or ordinary operations. The requirement to add "and reduced" to the company name may also be waived where no shareholder payment, creditor impairment, or adverse financial effect arises. Case-Laws Companies Law Tue, 23 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109424