Reduction of Capital

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BHAWANI RAO (Querist)
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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.

RAJESH SHUKLA

RAJESH SHUKLA (Expert)
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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.

Ankur Garg

Ankur Garg (Expert)
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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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