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2012 (3) TMI 41 - KARNATAKA HIGH COURTReduction of Share Capital - Recessionary Conditions - no explanatory statement along with notice of AGM - Held That:- As there were no creditors on the date of passing special resolution, no objection from any other party. Company may be permitted to reduce the share capital from Rs. 12,64,10,930/- divided into 1,26,41,093/-equity shares of Rs. 10/- each to Rs. 9,14,10,930/-. equity shares of Rs. 10/- each.
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