Small Industries Development Bank of India Act,1989

Act No : 39

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Section : REDUCTION OF SHARE CAPITAL

SECTION 04D: REDUCTION OF SHARE CAPITAL

(1) The Small Industries Bank may, with the prior approval of the Central Government, by a resolution passed in a general meeting of the shareholders, reduce its share capita] in any way.

(2) Without prejudice to the generality of the foregoing power, the share capital may be reduced by-

(a) extinguishing or reducing the liability on any of its equity shares in respect of the share capital not paid-up;

(b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid-up share capital which is lost, or is unrepresented by available assets; or

(c) either with or without extinguishing or reducing liability on any of its equity shares, paying off any paid-up share capital which is in excess of the wants of the Small Industries Bank.

(3) In any general meeting referred to in sub-sec. (1), the resolution for reduction of share capital shall be passed by shareholders entitled to vote, voting in person, or where, proxies are allowed, by proxy, and the votes cast in favour of the resolution are not less than three times the number of the votes, if any, cast against the resolution by shareholders so entitled and voting.

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