TMI Blog2016 (4) TMI 1277X X X X Extracts X X X X X X X X Extracts X X X X ..... ution of liability in respect of unpaid share capital or payment to any shareholder of any paidup share capital and the order of the Court sanctioning the Scheme shall be deemed to be an order under Section 102 of the Companies Act 1956, confirming the reduction. In view of the same, dispensation is sought from the procedure prescribed under Section 101(2) of the Companies Act and under Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of Equity Shareholders, Preference Shareholders and Unsecured Creditors of the Applicant Company and (ii) dispensation of the procedure under Section101( 2) of the Act and Rules 48 to 65 of the Companies (Court) Rules, 1959. 3. Heard Mrs.Swati Soparkar, learned advocate for the Applicant Company. 4. It has been submitted that all the Equity Shareholders, Preference Shareholders and Unsecure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tention of the Court is drawn to paragraph12 of the Affidavit in support of the Judges Summons. It has been submitted that the proposed reduction of the Preference Share Capital of the Applicant Company is consequential by operation of law and is proposed as an integral part of the proposed Scheme of Arrangement. Further, the proposed reduction does not involve either diminution of liability in r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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