https://www.taxtmi.com/caselaws?id=296159 The court granted the company's application for direction to reduce its share capital, allowing the cancellation of shares held by an individual at a price of Rs. 1 per share, totaling Rs. 4,19,083. The court dispensed with certain procedural requirements under the Companies Act, 1956, as the reduction would not adversely affect creditors or the company's ability to honor debts. The importance of passing a special resolution and compliance with legal requirements, including transparency in the company's actions, were highlighted in the judgment. en-us Fri, 01 Jul 2016 00:00:00 +0530 Wed, 07 Jul 2021 09:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296159 The court granted the company's application for direction to reduce its share capital, allowing the cancellation of shares held by an individual at a price of Rs. 1 per share, totaling Rs. 4,19,083. The court dispensed with certain procedural requirements under the Companies Act, 1956, as the reduction would not adversely affect creditors or the company's ability to honor debts. The importance of passing a special resolution and compliance with legal requirements, including transparency in the company's actions, were highlighted in the judgment. Case-Laws Companies Law Fri, 01 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296159