https://www.taxtmi.com/caselaws?id=406698 The Tribunal allowed the appeal, setting aside the NCLT's order and confirming the reduction of equity share capital by special resolution. The company provided a genuine reason for the reduction, complied with notice requirements, and secured rights of untraceable shareholders. Utilization of Securities Premium Account for payments to non-promoter shareholders was deemed permissible. Selective reduction of shareholders was allowed if fair and equitable. The petition under Section 66 of the Companies Act was found maintainable. The company was directed to publish the reduction in newspapers and deliver the judgment to authorities within 30 days. en-us Mon, 19 Apr 2021 00:00:00 +0530 Tue, 16 Nov 2021 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406698 The Tribunal allowed the appeal, setting aside the NCLT's order and confirming the reduction of equity share capital by special resolution. The company provided a genuine reason for the reduction, complied with notice requirements, and secured rights of untraceable shareholders. Utilization of Securities Premium Account for payments to non-promoter shareholders was deemed permissible. Selective reduction of shareholders was allowed if fair and equitable. The petition under Section 66 of the Companies Act was found maintainable. The company was directed to publish the reduction in newspapers and deliver the judgment to authorities within 30 days. Case-Laws Insolvency and Bankruptcy Mon, 19 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406698