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of <h1>Clause 66: Companies Bill 2011 details share capital reduction process, requiring Tribunal confirmation and compliance with accounting standards.</h1> Clause 66 of the Companies Bill, 2011, outlines the process for a company to reduce its share capital, requiring confirmation from the Tribunal. A company can reduce share capital by extinguishing or reducing liability on shares, canceling lost capital, or paying off excess capital, provided it is not in arrears on deposits. The Tribunal must notify relevant authorities and creditors, considering any objections. The reduction must comply with accounting standards, and a certified order must be registered with the Registrar. Non-compliance or fraudulent actions by officers can result in penalties, including fines and liabilities.
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