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2011 (10) TMI 510 - HC - Companies LawReduction of share capital - buy-back of the shares under Section 77A of the Act - reduction of share capital has to be done on proportionate basis in accordance with Section 77A(5) of the Act – Held that:- conditions precedent in Section 77A (5) of the Act are applicable only to buy-back of shares under Section 77A of the Act. Consequently, Section 77A(5) of the Act does not apply to a Scheme of Reduction under Section 100 of the Act, as the two operate in entirely different fields - reduction of share capital is a commercial and business decision, which has been approved by 99.999% of equity shareholders of petitioner-company and only 0.0020% of shareholders are opposing - no valid reason for not accepting the proposed scheme of reduction of share capital.
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