https://www.taxtmi.com/caselaws?id=111119 The court confirmed the reduction of share capital and approved the issuance of preference shares as proposed by Essar Steel Limited. The court dispensed with creditor procedures under Section 102(2) and (3), noting that creditors' interests were not affected. Objections by GIIC were dismissed as unsubstantial, with the court finding the scheme had been approved by the majority of shareholders. The court held that the reduction did not violate Sections 106 and 107 of the Companies Act, 1956, as it did not curtail any shareholder rights. The petition was disposed of with no order as to costs. en-us Mon, 28 Feb 2005 00:00:00 +0530 Fri, 20 Apr 2012 14:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111119 The court confirmed the reduction of share capital and approved the issuance of preference shares as proposed by Essar Steel Limited. The court dispensed with creditor procedures under Section 102(2) and (3), noting that creditors' interests were not affected. Objections by GIIC were dismissed as unsubstantial, with the court finding the scheme had been approved by the majority of shareholders. The court held that the reduction did not violate Sections 106 and 107 of the Companies Act, 1956, as it did not curtail any shareholder rights. The petition was disposed of with no order as to costs. Case-Laws Companies Law Mon, 28 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111119