14 Jul 1998
RE TIAN AN CHINA INVESTMENTS CO LTD AND OTHERS
- Citation
- RE TIAN AN CHINA INVESTMENTS CO LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP2864/1998
The court confirmed the reductions because shareholders' interests remained equal and unaffected per share, creditors were adequately protected by the undertaking to credit the reduction to an undistributable special reserve (noted in accounts), and the evidence established a legitimate, discernible purpose to facilitate future fundraising rather than to circumvent section 50, satisfying the established criteria for confirmation of capital reduction.