(7)The Corporation may, by a special resolution, reduce its paid-up equity share capital in the following manners, namely:-(a)giving of previous notice by the Corporation of the intended reduction to every member, and to such class or classes of creditors as the Central Government may, by notification, specify;(b)constitution of a committee which shall consist of a chairperson who has been a judge of a High Court or the chairperson of a tribunal and such independent experts not exceeding two as the Board may appoint, to consider representations, if any, that may be made by members and creditors referred to in clause (a) in respect of the intended reduction and to submit its recommendations to the Board; and(c)after consideration of the committee's recommendations, making of recommendations by the Boardfor reduction, either as given in the notice or with such modifications as the Board may consider necessary, to the Central Government for its approval.
