https://www.taxtmi.com/caselaws?id=416253 Reduction of share capital was sanctioned where creditor protection requirements were met, with creditors consenting or their claims discharged, secured or determined and no opposition filed. The shareholder approval was unanimous, the cancelled share consideration was supported by a registered valuer's assessment, and the accounting treatment was certified by the statutory auditor. The objection that the proposal was selective did not prevent sanction because the reduction was structured to give identified minority shareholders an exit at fair value. The contention that it was in substance a buy-back was rejected, as reduction of capital and buy-back operate in separate fields. en-us Wed, 10 Nov 2021 00:00:00 +0530 Fri, 24 Dec 2021 08:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416253 Reduction of share capital was sanctioned where creditor protection requirements were met, with creditors consenting or their claims discharged, secured or determined and no opposition filed. The shareholder approval was unanimous, the cancelled share consideration was supported by a registered valuer's assessment, and the accounting treatment was certified by the statutory auditor. The objection that the proposal was selective did not prevent sanction because the reduction was structured to give identified minority shareholders an exit at fair value. The contention that it was in substance a buy-back was rejected, as reduction of capital and buy-back operate in separate fields. Case-Laws Companies Law Wed, 10 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416253