4 Jun 2014
RE CNT SECURITY GROUP LTD
- Citation
- RE CNT SECURITY GROUP LTD
- Court
- Court of First Instance
- Case number
- HCMP2227/2013
The petition to reduce share capital is sanctioned because the court is satisfied the four primary criteria are met (equitable treatment of shareholders, proper explanation, discernible purpose and creditor safeguards) and the proposed undertakings creating special capital reserves, with restrictions on distributability and auditor reporting, adequately protect creditors and are the appropriate mechanism following s135 Cap 622.