High Court of Bombay Grants Direction Dispensing with Section 101(2) Procedure in Reduction of Share Capital – Interpretation of 'Any Other Case' under Section 101(2) and Discretion of Court. The court held that where reduction does not involve diminution of liability in respect of unpaid share capital or payment to shareholders, Section 101(2) does not automatically apply, and the court has discretion to dispense with creditor objection procedure under Section 101(3) in special circumstances.
10 Feb 2005The applicant, Rallis India Limited, a public limited company, had merged four loss-making subsidiaries, resulting in an accumulated debit balance of ...
