Rule 3 - Issue of notice and directions by the National Company Law Tribunal.

Notice and directions for reduction of share capital require targeted notices, publication and creditor opportunity to object.

The Tribunal must direct notice to the Central Government and Registrar, the securities regulator for listed companies, and to each listed creditor seeking representations and objections and stating the amount of the proposed reduction and the creditor's stated debt or claim. The Tribunal must also direct publication of notice in leading English and vernacular newspapers and on the company website, specifying the proposed reduction, places to inspect the creditors' list and the time for lodging objections, and require filing of an affidavit confirming dispatch and publication; the Tribunal may dispense with notices or publication where creditors' debts or consents are settled.