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the procedure of cancellation / reduction of authoires capit

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 February 2010 pls tell me, the procedure of cancellation / reduction of authoires capital(unissued capital)

thanx
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Ankur Garg

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Ankur Garg (Expert)
26 February 2010 As per my understanding authorised capital of the company can not be reduced.

However by passing an ordinary resolution u/s 94(1)(e) you may cancel the shares, which have not been taken or agreed to be taken by any person, and diminish the amount of share capital by the amount of the shares so cancelled.

Regards
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
26 February 2010 authorised capital can not be reduced
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