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2009 (11) TMI 506 - HIGH COURT OF KERALACompromise and arrangement - Held that:- No reason to decline to exercise my discretion or to modify the scheme in any manner. No ground has been brought to my notice to deny relief to the petitioner. There is no reason to hold that the shareholders or creditors would be prejudicially affected or that the reduction is not fair or equitable. Accordingly the reduction of the paid up share capital of the company by ₹ 12,69,00,810 and conversion of the same as unsecured loans from the respective shareholders is confirmed as approved by the shareholders by resolution dated 19-12-2008 and the reduction of share capital and the compromise and arrangement with the shareholders are hereby sanctioned without any modification. The sanctioned scheme of arrangement and compromise with the shareholders shall be published in one issue of Mathrubhumi daily and one issue of Indian Express daily in their editions having circulation in and around Thrissur within two weeks after registration of the same with the Registrar of Companies, for which purpose a certified copy of this order shall be delivered to him within 21 days from today. Publication in the Official Gazette is dispensed with. The company petition is allowed as above. The Registry shall issue order in the appropriate from prescribed under the Companies (Court) Rules.
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