https://www.taxtmi.com/caselaws?id=127036 The High Court of Madras confirmed the special resolution for reducing the share capital of the petitioner-company, subject to obtaining SEBI approval. The resolution aimed to reduce the face value of equity shares, write off share premium, and offset accumulated losses. Creditors' claims were settled, except for a disputed claim. The court directed notification of creditors and approved the resolution with the condition of SEBI approval. The company was permitted to modify its capital structure as per the resolution, with a directive to pay costs to the Regional Director's counsel. en-us Tue, 31 Aug 2010 00:00:00 +0530 Thu, 25 Sep 2014 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=127036 The High Court of Madras confirmed the special resolution for reducing the share capital of the petitioner-company, subject to obtaining SEBI approval. The resolution aimed to reduce the face value of equity shares, write off share premium, and offset accumulated losses. Creditors' claims were settled, except for a disputed claim. The court directed notification of creditors and approved the resolution with the condition of SEBI approval. The company was permitted to modify its capital structure as per the resolution, with a directive to pay costs to the Regional Director's counsel. Case-Laws Companies Law Tue, 31 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=127036