Rule 47 - Procedure on hearing of summons. - Company Court Rules, 1959

Procedure on hearing of summons. 47. Upon the hearing of the summons, if the Judge is satisfied that the proposed reduction does not involve either diminution of liability in respect of unpaid share capital or payment to any shareholder of any paid-up share capital, and does not think fit to direct that the procedure prescribed in section 101(2) shall apply, he shall fix a date for the hearing of the petition and give such directions as he may think fit as to the advertisement of the petition. The petition shall be posted for hearing on the date fixed, and upon the hearing thereof, the Judge may confirm the reduction on such terms and conditions as he may think fit.