https://www.taxtmi.com/caselaws?id=112755 The High Court of Bombay ruled that under the Companies Act, 1956, the procedure for reduction of capital did not always require a mandatory certificate from auditors/chartered accountants. The court emphasized that such certificates were not obligatory in every case and that the company court had the discretion to decide on the necessity of additional procedures. In this specific case, where the company had obtained consent from the majority of creditors and had adequately safeguarded their interests, the court granted the orders without following the specified procedure, highlighting the discretionary power of the company court in assessing individual cases. en-us Fri, 09 Jan 2009 00:00:00 +0530 Tue, 01 May 2012 16:33:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112755 The High Court of Bombay ruled that under the Companies Act, 1956, the procedure for reduction of capital did not always require a mandatory certificate from auditors/chartered accountants. The court emphasized that such certificates were not obligatory in every case and that the company court had the discretion to decide on the necessity of additional procedures. In this specific case, where the company had obtained consent from the majority of creditors and had adequately safeguarded their interests, the court granted the orders without following the specified procedure, highlighting the discretionary power of the company court in assessing individual cases. Case-Laws Companies Law Fri, 09 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112755