https://www.taxtmi.com/caselaws?id=399807 A reduction of share capital under the Companies Act, 2013 may be confirmed where the special resolution is valid, creditors and shareholders raise no objection, and statutory compliance is shown. Here, the Tribunal accepted that extinguishing equity shares and issuing equivalent redeemable preference shares, while keeping the overall paid-up capital unchanged, was a lawful commercial restructuring within the company's powers. It also rejected objections based on the absence of a separate valuation report and the non-filing of Form GNL-1, holding those defects unnecessary on the facts. The reduction was therefore sanctioned, with consequential alteration of the memorandum. en-us Wed, 26 Feb 2020 00:00:00 +0530 Tue, 20 Oct 2020 12:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399807 A reduction of share capital under the Companies Act, 2013 may be confirmed where the special resolution is valid, creditors and shareholders raise no objection, and statutory compliance is shown. Here, the Tribunal accepted that extinguishing equity shares and issuing equivalent redeemable preference shares, while keeping the overall paid-up capital unchanged, was a lawful commercial restructuring within the company's powers. It also rejected objections based on the absence of a separate valuation report and the non-filing of Form GNL-1, holding those defects unnecessary on the facts. The reduction was therefore sanctioned, with consequential alteration of the memorandum. Case-Laws Companies Law Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399807