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2016 (4) TMI 1277 - GUJARAT HIGH COURTScheme of Arrangement - Held that:- As submitted that the proposed reduction of the Preference Share Capital of the Applicant Company is consequential by operation of law and is proposed as an integral part of the proposed Scheme of Arrangement. Further, the proposed reduction does not involve either diminution of liability in respect of unpaid share capital or payment to any shareholder of any paidup share capital and the order of the Court sanctioning the Scheme shall be deemed to be an order under Section 102 of the Companies Act 1956, confirming the reduction. In view of the same, dispensation is sought from the procedure prescribed under Section 101(2) of the Companies Act and under Rules 48 to 65 is sought and Considering the facts and circumstances, the same is hereby granted.
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