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Section 58
Procedure for obtaining approval of the court to reduce the share capital
: (1) According to section 57, if the company passes a special proposal to reduce the capital, it must submit an application to the court for its approval.
(2) If an application is received as per sub-section (1), before the hearing on the same, the related company shall publish a public notice in the national daily newspaper at least three times, disclosing the date and place of the hearing in the court regarding the reduction of the share capital of the company.
(3) When the company's liquidation or liquidation process begins, every person who has the right to claim a loan or any payment according to the prevailing law shall have the right to submit their claim and opposition in the process of reducing the company's share capital.
(4) During the hearing on the petition for reduction of the company's capital, the director of the company or the company secretary shall submit to the court a list of real and true debts, including the name, address and the amount of the loan to be paid to each of the company's creditors, as requested by the court.
(5) Among the creditors whose names are included in the list submitted in accordance with sub-section (4), regardless of whether or not there is an agreement to reduce the capital of the creditors whose debt has yet to be settled or the debt has been fixed, whether or not the company has accepted the full amount of the debt or claim claimed by the creditors, to repay such amount. The court may order the reduction of the share capital in the event that the necessary arrangements have been made by agreeing to arrange the necessary amount and paying the entire amount within a certain date.
(6) If the court deems it appropriate, considering the available evidence and the circumstances, when taking action for the approval of the proposal to reduce the share capital in such a way that when the amount remaining to be paid by the shareholders to the company for share capital or the amount paid for shares is returned to a shareholder, only that amount is reduced, sub-section (3) or (4) can make an order that the provision is not applicable in the case of a particular creditor.
(7) In case of submission of the list of creditors in accordance with sub-section (4), if it is found that any thing has been omitted or incorrect details have been submitted, the director of the company submitting such list and the officer correcting such list shall be punished in accordance with this Act.. However, if the official correcting such list has any omission or error without his knowledge, or if he becomes aware of such omission or error, he informs the court of such omission or error before making an order in accordance with this section, or if he has taken sufficient care to prevent such omission or error. If it is proved that it was, the punishment will not be imposed.
(8) The court is satisfied that the debt or liability for which the creditor's approval has been received has been paid, the debt or claim has been confirmed and paid, or the debt or claim is secured. If so, the court can order the reduction of the capital by determining the appropriate conditions.
(9) If the court deems it appropriate to grant approval in accordance with sub-section (8), after the name of the company that has ordered the approval of reduction of capital, write the phrase "reduced capital" for a certain period of time and publish necessary notices to inform the general public about the reason and circumstances of the reduction of capital and other important matters related thereto. can order the relevant company to do so.
(10) In accordance with sub-section (9) after the order to write the phrase "capital reduction" after the name of the company, the phrase shall remain as an integral part of the company's name until the expiry of the period determined by the court.
(11) While approving the capital reduction proposal, the fulfillment of the conditions mentioned in the order issued by the court in accordance with this section shall be deemed to be automatically included in the articles of association and regulations of the company and the articles of association and regulations shall be deemed to have been amended to the same extent.
(12) Knowingly hides, conceals or suppresses the name of the creditor entitled to object to the proposal for reduction of capital or knowingly prepares or submits a false statement regarding the amount or liability of the debt or claim or conceals, conceals or falsifies such debt or liability. The director or the officer or employee of the company who assists in the preparation of the statement shall be punished according to this Act.
(13) According to this section, ComIn case of reduction of the share capital of the company, the director of the company or the company secretary shall certify the same in each share certificate issued by such company.
(2) If an application is received as per sub-section (1), before the hearing on the same, the related company shall publish a public notice in the national daily newspaper at least three times, disclosing the date and place of the hearing in the court regarding the reduction of the share capital of the company.
(3) When the company's liquidation or liquidation process begins, every person who has the right to claim a loan or any payment according to the prevailing law shall have the right to submit their claim and opposition in the process of reducing the company's share capital.
(4) During the hearing on the petition for reduction of the company's capital, the director of the company or the company secretary shall submit to the court a list of real and true debts, including the name, address and the amount of the loan to be paid to each of the company's creditors, as requested by the court.
(5) Among the creditors whose names are included in the list submitted in accordance with sub-section (4), regardless of whether or not there is an agreement to reduce the capital of the creditors whose debt has yet to be settled or the debt has been fixed, whether or not the company has accepted the full amount of the debt or claim claimed by the creditors, to repay such amount. The court may order the reduction of the share capital in the event that the necessary arrangements have been made by agreeing to arrange the necessary amount and paying the entire amount within a certain date.
(6) If the court deems it appropriate, considering the available evidence and the circumstances, when taking action for the approval of the proposal to reduce the share capital in such a way that when the amount remaining to be paid by the shareholders to the company for share capital or the amount paid for shares is returned to a shareholder, only that amount is reduced, sub-section (3) or (4) can make an order that the provision is not applicable in the case of a particular creditor.
(7) In case of submission of the list of creditors in accordance with sub-section (4), if it is found that any thing has been omitted or incorrect details have been submitted, the director of the company submitting such list and the officer correcting such list shall be punished in accordance with this Act.. However, if the official correcting such list has any omission or error without his knowledge, or if he becomes aware of such omission or error, he informs the court of such omission or error before making an order in accordance with this section, or if he has taken sufficient care to prevent such omission or error. If it is proved that it was, the punishment will not be imposed.
(8) The court is satisfied that the debt or liability for which the creditor's approval has been received has been paid, the debt or claim has been confirmed and paid, or the debt or claim is secured. If so, the court can order the reduction of the capital by determining the appropriate conditions.
(9) If the court deems it appropriate to grant approval in accordance with sub-section (8), after the name of the company that has ordered the approval of reduction of capital, write the phrase "reduced capital" for a certain period of time and publish necessary notices to inform the general public about the reason and circumstances of the reduction of capital and other important matters related thereto. can order the relevant company to do so.
(10) In accordance with sub-section (9) after the order to write the phrase "capital reduction" after the name of the company, the phrase shall remain as an integral part of the company's name until the expiry of the period determined by the court.
(11) While approving the capital reduction proposal, the fulfillment of the conditions mentioned in the order issued by the court in accordance with this section shall be deemed to be automatically included in the articles of association and regulations of the company and the articles of association and regulations shall be deemed to have been amended to the same extent.
(12) Knowingly hides, conceals or suppresses the name of the creditor entitled to object to the proposal for reduction of capital or knowingly prepares or submits a false statement regarding the amount or liability of the debt or claim or conceals, conceals or falsifies such debt or liability. The director or the officer or employee of the company who assists in the preparation of the statement shall be punished according to this Act.
(13) According to this section, ComIn case of reduction of the share capital of the company, the director of the company or the company secretary shall certify the same in each share certificate issued by such company.