https://www.taxtmi.com/caselaws?id=296977 A company's reduction of share capital under the Companies Act, 1956 was found legally sustainable because its articles authorised the reduction, the board and shareholders approved it by special resolution, and the form of minute reflected a reduction with payment to shareholders at a premium. The record also showed that trade creditors had been repaid and no objections were received after publication of notice, supporting confirmation of the proposed reduction. The reduction was accordingly confirmed. en-us Tue, 09 Jun 2015 00:00:00 +0530 Fri, 13 Aug 2021 21:22:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296977 A company's reduction of share capital under the Companies Act, 1956 was found legally sustainable because its articles authorised the reduction, the board and shareholders approved it by special resolution, and the form of minute reflected a reduction with payment to shareholders at a premium. The record also showed that trade creditors had been repaid and no objections were received after publication of notice, supporting confirmation of the proposed reduction. The reduction was accordingly confirmed. Case-Laws Companies Law Tue, 09 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296977