Rules and Regulations of India

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Section 48 – THE COMPANIES (COURT) RULES, 1959

48. Directions at the hearing of summons

Where the proposed reduction involves either diminution of liability in respect of unpaid share capital or the payment to any shareholder of any paid-up share capital, and in any other case if the Judge thinks fit to direct that the procedure prescribed in section 101(2) shall apply the Judge may, upon the hearing of the summons or upon any adjourned hearing thereof, or upon the hearing of any subsequent application, give such directions as he may think fit as to the proceedings to be taken, and more particularly with respect to the following matters, that is to say-

 

(a) the proceedings to be taken for settling the list of creditors entitled to object, including the dispensing with observance of the provisions of section 101(2) as regards any class or classes of creditors;

 

(b) fixing the date with reference to which the list of such creditors is to be made out;

 

(c) the publication of notices; and

 

(d) generally fixing the time for and giving directions as to all other necessary or proper steps in the matter.

The order made upon the summons under this rule shall be in Form 20, with such variations as the circumstances may require.

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