TMI BlogReduction of share capitalX X X X Extracts X X X X X X X X Extracts X X X X ..... or ( ii ) pay off any paid-up share capital which is in excess of the wants of the company, alter its memorandum by reducing the amount of its share capital and of its shares accordingly: Provided that no such reduction shall be made if the company is in arrears in the repayment of any deposits accepted by it, either before or after the commencement of this Act, or the interest payable thereon. (2) The Tribunal shall give notice of every application made to it under sub-section (1) to the Central Government, Registrar and to the Securities and Exchange Board, in the case of listed companies, and the creditors of the company and shall take into consideration the representations, if any, made to it by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 paid-up on each share, to the Registrar within thirty days of the receipt of the copy of the order, who shall register the same and issue a certificate to that effect. (6) Nothing in this section shall apply to buy-back of its own securities by a company under section 68. (7) A member of the company, past or present, shall not be liable to any call or contribution in respect of any share held by him exceeding the amount of difference, if any, between the amount paid on the share, or reduced amount, if any, which is to be deemed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nowingly 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. 2 [ **** ] ******************** Notes:- 1. As Amended vide Insolvency and Bankruptcy Code, 2016, ELEVENTH SCHEDULE, before it was read, is unable, within the meaning of sub-section (2) of section 271, to pay the amount of his debt or claim, 2. Omitted vide THE COMPANIES (AMENDMENT) ACT, 2020 dated 28-09-2020 before it was read as (11) If a company fails to com ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
