Law: Companies Ordinance, 1984

Section: 96,97,101,102

Companies Ordinance, 1984 (XLVII of 1984)-- ----Ss. 96, 97--Petitioner was a private limited company--Reduction of issuance of shares--Advertisement for convening of extra ordinary general meeting--No objection to shareholders for reduction scheme--Necessary formalities--Statement of no objection by SECP--Capital restructuring--Extent and amount of reduction is a domestic matter and so long as there is no injustice to the creditors or the shareholders, the Court is not concerned with the precise amount of reduction of capital--All necessary formalities have been complied with--The S.E.C.P after checking and ensuring all necessary formalities, filed a statement of no objection--After considering the pros and cons, I have reached to the conclusion that the petitioner has complied with all requisite formalities--There is no impediment to grant this petition--For the foregoing reasons the resolution passed for capital restructuring through reduction of share capital is approved--Condition of the words "and reduced" required to be added with the name of company is dispensed with keeping in view the facts and circumstances of the case--Petition was allowed. 2013 CLD 2156 rel. [1951] 1 All ER 881; [1894] A.C. 399 and Guide to the Co`mpanies Act, 17th Edition 2010 ref. THIS ORDER PASSED BY: MUHAMMAD ALI MAZHAR, JUSTICE---.--- This petition under Section 97 of the Companies Ordinance, 1984 has been brought for reduction of share capital with the following prayers:-- (1) Under Section 101 of the Companies Ordinance 1984 the reduction in the share capital of the petitioner to be effected in the manner resolved by the Ordinary and Special Resolution set out in the above Paragraph No. 10 of this petition. (2) Under Section 98 of the Companies Ordinance, 1984 directing that notwithstanding the reduction aforesaid in the issued and paid up share capital of the petitioner, the use of the words 'and reduced' in relation to the name of the petitioner shall be dispensed with. (3) Under Section 102 of the Companies Ordinance 1984 confirming the minute as set forth in the above paragraph of this petition and directing that the notice of the registration of such minutes shall be…

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