Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be fully migrated on 31-July-2025 at 23:59:59
After this date, all services will be available exclusively on our new platform.
If you encounter any issues or problems while using the new portal,
please let us know
via our feedback form
, with specific details, so we can address them promptly.
Home
2016 (4) TMI 1277 - HC - Companies LawScheme 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.
|