https://www.taxtmi.com/caselaws?id=214984 Share capital may be reduced under Section 100 of the Companies Act, 1956 in any manner authorised by the articles and approved by special resolution, subject to court confirmation. Separate class meetings are not required for this form of reduction where only equity shareholders vote. Selective cancellation of shares, including a first-in-last-out exit sequence, need not be discriminatory if statutory requirements are met. Valuation is generally treated as a commercial matter absent fraud or illegality. Buy-back proportionality rules do not apply to capital reduction, and economic-policy objections require proof of arbitrariness, illegality, or lack of informed decision-making. en-us Mon, 03 Oct 2011 00:00:00 +0530 Fri, 08 Feb 2013 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214984 Share capital may be reduced under Section 100 of the Companies Act, 1956 in any manner authorised by the articles and approved by special resolution, subject to court confirmation. Separate class meetings are not required for this form of reduction where only equity shareholders vote. Selective cancellation of shares, including a first-in-last-out exit sequence, need not be discriminatory if statutory requirements are met. Valuation is generally treated as a commercial matter absent fraud or illegality. Buy-back proportionality rules do not apply to capital reduction, and economic-policy objections require proof of arbitrariness, illegality, or lack of informed decision-making. Case-Laws Companies Law Mon, 03 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214984