https://www.taxtmi.com/caselaws?id=112974 Reduction of share capital forming part of an amalgamation scheme was confirmed where the company's articles authorised reduction, shareholders approved it by special resolution, and the reduction involved cancellation of cross-holdings with the reduced amount credited to the general reserve. The court treated reduction of capital as a domestic corporate matter and limited its role to ensuring the proposal was fair, not inequitable, and that creditor interests were protected. As creditors were not shown to be prejudiced and the Regional Director raised no objection, no legal impediment existed to refuse confirmation. The minutes for registration were sanctioned. en-us Tue, 11 Sep 2007 00:00:00 +0530 Wed, 07 Feb 2018 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112974 Reduction of share capital forming part of an amalgamation scheme was confirmed where the company's articles authorised reduction, shareholders approved it by special resolution, and the reduction involved cancellation of cross-holdings with the reduced amount credited to the general reserve. The court treated reduction of capital as a domestic corporate matter and limited its role to ensuring the proposal was fair, not inequitable, and that creditor interests were protected. As creditors were not shown to be prejudiced and the Regional Director raised no objection, no legal impediment existed to refuse confirmation. The minutes for registration were sanctioned. Case-Laws Companies Law Tue, 11 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112974