Reduction of Capital
This query is : Resolved
BHAWANI RAO
(Querist)
18 November 2009
For increase in authorised capital form 5 has to be filed.
than for decrease in share capital with court approval what form has to be filed & when.
Kindly help me.
than for decrease in share capital with court approval what form has to be filed & when.
Kindly help me.
RAJESH SHUKLA
(Expert)
18 November 2009
A company can reduce its share capital with or without recalling shares. A decrease in share capital without calling in shares can be executed with or without repayment.
A decrease in share capital can take place without a change in the articles of association in those cases where the articles of association specify an upper or a lower limit for the share capital and the decrease does not go under the lower limit as specified in the articles. In the event that the articles of association specify a fixed amount for the share capital, an amendment to the articles must always be made. A decrease in the share capital requires the decision of a general meeting of shareholders unless a redemption restriction exists in the articles of association.
form no. 23 to be filed with special resolution.
A decrease in share capital can take place without a change in the articles of association in those cases where the articles of association specify an upper or a lower limit for the share capital and the decrease does not go under the lower limit as specified in the articles. In the event that the articles of association specify a fixed amount for the share capital, an amendment to the articles must always be made. A decrease in the share capital requires the decision of a general meeting of shareholders unless a redemption restriction exists in the articles of association.
form no. 23 to be filed with special resolution.
Ankur Garg
(Expert)
18 November 2009
You have to register court approval with ROC through filing of form-21 within 30 of court approval.
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