https://www.taxtmi.com/caselaws?id=462421 The HC sanctioned the petitioner company's application to reduce its equity and preference share capital from Rs. 40,31,36,240 to Rs. 2,76,36,240 under Section 101 of the Companies Act, 1956. The reduction involved selective extinguishment of fully paid shares held by specific shareholders without consideration, approved by unanimous special resolution. The Court dispensed with procedural requirements under Section 101(2) including creditor notice and publication formalities, finding no prejudice to creditors' interests. The company was directed to file necessary documents with ROC and publish notices in newspapers within 14 days of registration. en-us Thu, 22 Dec 2016 00:00:00 +0530 Sat, 21 Jun 2025 08:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462421 The HC sanctioned the petitioner company's application to reduce its equity and preference share capital from Rs. 40,31,36,240 to Rs. 2,76,36,240 under Section 101 of the Companies Act, 1956. The reduction involved selective extinguishment of fully paid shares held by specific shareholders without consideration, approved by unanimous special resolution. The Court dispensed with procedural requirements under Section 101(2) including creditor notice and publication formalities, finding no prejudice to creditors' interests. The company was directed to file necessary documents with ROC and publish notices in newspapers within 14 days of registration. Case-Laws Companies Law Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462421