TMI BlogReduction of share capital.X X X X Extracts X X X X X X X X Extracts X X X X ..... ular, may (a) extinguish or reduce the liability on any of its shares in respect of the share capital not paid-up; or (b) either with or without extinguishing or reducing liability on any of its shares, (i) cancel any paid-up share capital which is lost or is unrepresented by available assets; or (ii) pay off any paid- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod of three months from the date of receipt of the notice: Provided that where no representation has been received from the Central Government, Registrar, the Securities and Exchange Board or the creditors within the said period, it shall be presumed that they have no objection to the reduction. (3) The Tribunal may, if it is satisfied that the debt or claim of every c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company shall deliver a certified copy of the order of the Tribunal under sub- section (3) and of a minute approved by the Tribunal showing. (a) the amount of share capital; (b) the number of shares into which it is to be divided. (c) the amount of each share; and (d) the amount, if any, at the date of registration deemed to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ignorance of the proceedings for reduction or of their nature and effect with respect to his debt or claim, not entered on the list of creditors, and after such reduction, the company is unable, within the meaning of sub-section (2) of section 271, to pay the amount of his debt or claim, (a) every person, who was a member of the company at the date of the registration of the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gly conceals the name of any creditor entitled to object to the reduction; (b) knowingly misrepresents the nature or amount of the debt or claim of any creditor; or (c) abets or is privy to any such concealment or misrepresentation as aforesaid, he shall be liable under section 447. (11) If a company fails to comply with the provisions of sub-section (4), i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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