(1)For the purpose of enabling any public company carrying on life or general or health insurance or re-insurance business to bring its capital structure into conformity with the requirements of section 6A, an officer appointed on this behalf by the Authority may, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) ,--(a)examine any scheme proposed for the purpose aforesaid by the directors of the company:Provided that--(i)the scheme has been placed before a meeting of the share holders for their opinion and has been forwarded to the officer together with the opinion of the shareholders thereon, and(ii)the scheme does not involve any diminution of the liability of the shareholders in respect of unpaid-up share capital;(b)invite objections and suggestions in respect of the scheme so proposed; and(c)after considering such objections and suggestions to the scheme so proposed, sanction it with such modifications as he may consider necessary or desirable.
