https://www.taxtmi.com/caselaws?id=195033 Written consents from all equity shareholders and unsecured creditors supported dispensation of separate meetings for the proposed scheme of arrangement, especially where no secured creditors existed and a meeting would serve no practical purpose. The proposed utilisation of the securities premium account was treated as consequential to the composite scheme, and the court recorded that the reduction did not involve diminution of liability for unpaid share capital or payment out of paid-up share capital. On that basis, the procedural requirements under the Companies Act, 1956 and the Companies (Court) Rules, 1959 were dispensed with, and the shareholders' written consents were accepted as the special resolution for the reduction. en-us Thu, 21 Apr 2016 00:00:00 +0530 Wed, 29 Nov 2017 18:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195033 Written consents from all equity shareholders and unsecured creditors supported dispensation of separate meetings for the proposed scheme of arrangement, especially where no secured creditors existed and a meeting would serve no practical purpose. The proposed utilisation of the securities premium account was treated as consequential to the composite scheme, and the court recorded that the reduction did not involve diminution of liability for unpaid share capital or payment out of paid-up share capital. On that basis, the procedural requirements under the Companies Act, 1956 and the Companies (Court) Rules, 1959 were dispensed with, and the shareholders' written consents were accepted as the special resolution for the reduction. Case-Laws Companies Law Thu, 21 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195033