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TMI BlogReduction of share capital.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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-up share capital which is in excess of the wants of the company, alter its memorandum by re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom 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 creditor of the company has been discharged or determined or has been secured or his consent is obtained, make an order confirming the reduction o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t or claim, (a) every person, who was a member of the company at the date of the registration of the order for reduction by the Registrar, shall be liable to contribute to the payment of that debt or claim, an amount not exceeding the amount which he would have been liable to contribute if the company had commenced winding up on the day immediately before the said date; and (b) if the company is w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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