https://www.taxtmi.com/caselaws?id=400064 The Tribunal allowed the reduction of share capital as proposed by the company under section 66 of the Companies Act, 2013. The reduction involved canceling a specific number of equity shares with a premium per share determined based on a valuation report. The reduction was approved by the Board of Directors and members through a special resolution, and all necessary consents from creditors were obtained. Despite objections from the Income Tax Department, the Tribunal found the Applicant's responses satisfactory, citing a previous judgment allowing a similar reduction. The order detailed the refund process to shareholders and compliance undertakings, requiring submission to the Registrar of Companies and publication in a designated newspaper. en-us Thu, 24 Sep 2020 00:00:00 +0530 Tue, 27 Oct 2020 11:03:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400064 The Tribunal allowed the reduction of share capital as proposed by the company under section 66 of the Companies Act, 2013. The reduction involved canceling a specific number of equity shares with a premium per share determined based on a valuation report. The reduction was approved by the Board of Directors and members through a special resolution, and all necessary consents from creditors were obtained. Despite objections from the Income Tax Department, the Tribunal found the Applicant's responses satisfactory, citing a previous judgment allowing a similar reduction. The order detailed the refund process to shareholders and compliance undertakings, requiring submission to the Registrar of Companies and publication in a designated newspaper. Case-Laws Companies Law Thu, 24 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400064