https://www.taxtmi.com/caselaws?id=768608 Selective reduction of share capital and extinguishment of identified shareholders' shares was treated as permissible under Section 66 where approved by the requisite special resolution, with creditor objection absent and Tribunal confirmation contemplated. The valuation of Rs. 196.80 per share was accepted as an independent exercise by valuers supported by a fairness opinion; the Tribunal noted it would not substitute its own view unless the valuation was unreasonable, fraudulent, or illegal, and held the ICDR Regulations, 2009 inapplicable to this unlisted-company reduction. A 25% discount for lack of marketability was upheld, no control premium was required, the Section 102 notice was found sufficient because valuation materials were available for inspection, and postal ballot with e-voting was held valid. en-us Thu, 03 Apr 2025 00:00:00 +0530 Tue, 08 Apr 2025 18:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768608 Selective reduction of share capital and extinguishment of identified shareholders' shares was treated as permissible under Section 66 where approved by the requisite special resolution, with creditor objection absent and Tribunal confirmation contemplated. The valuation of Rs. 196.80 per share was accepted as an independent exercise by valuers supported by a fairness opinion; the Tribunal noted it would not substitute its own view unless the valuation was unreasonable, fraudulent, or illegal, and held the ICDR Regulations, 2009 inapplicable to this unlisted-company reduction. A 25% discount for lack of marketability was upheld, no control premium was required, the Section 102 notice was found sufficient because valuation materials were available for inspection, and postal ballot with e-voting was held valid. Case-Laws Companies Law Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768608