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of <h1>Companies Act Section 66: Reduce Share Capital via Special Resolution, Tribunal Confirmation Needed, Penalties for Concealing Creditor Info</h1> Section 66 of the Companies Act, 2013 allows a company limited by shares or guarantee to reduce its share capital through a special resolution, subject to Tribunal confirmation. The reduction can involve extinguishing or reducing unpaid share capital liabilities, canceling lost or excess paid-up capital, or altering the company's memorandum. The Tribunal must notify relevant authorities and creditors, considering any objections within three months. Reduction requires compliance with accounting standards and auditor certification. The company must register the Tribunal's order and approved minute with the Registrar. The section excludes buy-backs and outlines liabilities for creditors and members in case of non-compliance. Officers concealing creditor information face penalties under section 447.
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