Application to Tribunal for confirming order, objections by creditors, and settlement of list of objecting creditors.

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..... n for reducing share capital, it may apply, by petition, to the [1] [Tribunal] for an order confirming the reduction. (2) Where the proposed reduction of share capital involves either the diminution of liability in respect of unpaid share capital or the payment to any share holder of any paid-up share capital, and in any other case if the 1[Tribunal] so directs, the following provision .....

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..... g to the reduction; (c) where a creditor entered on the list whose debt or claim is not discharged or has not determined does not consent to the reduction, the 1[Tribunal] may, if it thinks fit, dispense with the consent of that creditor, on the company securing payment of his debt or claim by appropriating, as the 1[Tribunal] may direct, the following amount: (i) if the company .....

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..... tion (2) shall not apply as regards any class or any classes of creditors. -------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxman .....

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