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2003 (11) TMI 621 - Board - Companies LawExtract: .......se the Company purchases the shares, it is authorised to reduce the share capital to the extent of face value of shares. In case he chooses the option to be on the Board, he will be deemed to have been appointed as a director from the date on which he intimates to the Company his choosing this option. The petition is disposed of in the above terms.
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