https://www.taxtmi.com/caselaws?id=413664 A company's proposed reduction of paid-up share capital was sanctioned to set off accumulated losses and align the balance sheet with the real value of assets and liabilities. The tribunal noted support from the board resolution, special resolution of shareholders, auditor's certificate showing no secured or unsecured creditors, compliance with accounting standards, and no objection from the Regional Director. As no objection was received from the Income Tax Department or other stakeholders, the statutory requirements were treated as satisfied and the procedural notice requirements to creditors and for publication were dispensed with. en-us Wed, 06 Oct 2021 00:00:00 +0530 Mon, 18 Oct 2021 09:28:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413664 A company's proposed reduction of paid-up share capital was sanctioned to set off accumulated losses and align the balance sheet with the real value of assets and liabilities. The tribunal noted support from the board resolution, special resolution of shareholders, auditor's certificate showing no secured or unsecured creditors, compliance with accounting standards, and no objection from the Regional Director. As no objection was received from the Income Tax Department or other stakeholders, the statutory requirements were treated as satisfied and the procedural notice requirements to creditors and for publication were dispensed with. Case-Laws Companies Law Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413664