TaxTMI 
TaxTMI 
National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016
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....are capital under section 66 .-(1) An application to the Tribunal to confirm a reduction of share capital of a company shall be in Form No. RSC-1 and fee shall be, as prescribed in the Schedule of fee to these rules. (2) An application to confirm a reduction of share capital of a company shall be accompanied with - (a) the list of creditors duly certified by the Managing Director, or in his absence, by two directors, as true and correct, which is made as on a date not earlier than fifteen days prior to the date of filing of an application showing the details of the creditors of the company, class wise, indicating their names, addresses and amounts owed to them; (b) a certificate from the auditor of the company to the effect that the list of creditors referred to in clause (a) is correct as per the records of the company verified by the auditor; (c) a certificate by the auditor and declaration by a director of the company that the company is not, as on the date of filing of the application, in arrears in the repayment of the deposits or the interest thereon; and (d) a certificate by the company's auditor ....
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....ing about the date or hearing. (4) The notice under sub-rule (3) shall state the amount of the proposed reduction of share capital, and the places, where the aforesaid list of creditors may be inspected, and the time as fixed by the Tribunal within which creditors of the company may send their objections: Provided that the objections, if any, shall be filed in the Tribunal within three months from the date of publication of the notice with a copy served on the company. (5) The company or the person who was directed to issue notices and the publication in the newspaper under this rule shall, as soon as may be, but not later than seven days from the date of issue of such notices, file an affidavit in Form No. RSC- 5 confirming the despatch and publication of the notice. (6) Where the Tribunal is satisfied that the debt or claim of every creditor has been discharged or determined or has been secured or his consent is obtained, it may dispense with the requirement of giving of notice to creditors or publication of notice under this rule or both. 4. Representation by Central Government, Registrar etc. under sub section (2) o....
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....ursuant to rule 2(1)] Company Application No. of...... 2..... Ltd Application under section 66 for confirming the reduction of share capital The petitioner herein submits: 1. The above named company, the applicant herein (hereinafter called 'the company') was registered on the the [Companies Act, guarantee with a share capital. day of , under the provisions of as a company limited by shares/limited by 2. The registered office of the company is situate at.......... 3. The main objects of the company are [ J. 4. The capital of the company is Rs.... divided into ........ shares of Rs..... each, of which ... shares have been issued and have been fully paid-up or credited as fully paid (or have been paid up to the extent of Rs ... per share). [Note: Where there is more than one class of shares, the petition should set out the classes of shares and state specifically whether there is or there is not any priority as to capital 5. By article(s) of the articles of association of the company, it is 9 provided that the company may, from time to time, by special resolution, reduce its capital in any manner permitted ....
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....r reduction of share capital of M/s (Company) To The Central Government/ The Registrar of Companies/ [in all cases] The Securities and Exchange Board of India/ [as may be applicable] You are requested to take notice that an application has been presented to the Tribunal at 20 (Bench), on the day of..... for confirming the reduction of the share capital of the above company from ................ to *. _ A copy of the application along with its attachments is enclosed. You are hereby informed that representations, if any, in connection with the application may be made to the Tribunal within three months from the date of receipt of this notice. Copy of the representation may simultaneously be sent to the concerned company. In case no representation is received within the stated period of three months, it shall be presumed that you have no representation or objection to make on the application. Authorized Signatory Dated this ********* ...... day of .20... 6 Place Enclosures Copy of application along with all attachments FORM NO. RSC - 3 [Pursuant to Rule 3(1)(iii)] Before the Na....
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....If no objection is received within the time stated above, entries in the list of creditors will, in all the proceedings under the above petition to reduce the 11 share capital of the company, be treated as correct. It may also be noted that a hearing has been fixed for (day) (date) on which the Tribunal shall hear the application. In case any creditor intends to attend the hearing he should make a request along with his objections, if any. ......... Authorised Representative for the company FORM NO. RSC - 5 [See Rule 3(5)] Before the National Company Law Tribunal Bench at Affidavit on dispatch and publication of notice (name, etc.), do solemnly affirm and say as follows :-- 1. I did on the day of 20...... despatched a copy of the notice now produced and shown to me and marked 'B' upon each of the respective persons whose names, addresses and descriptions appear in the list of creditors filed on the day of .... ......20... by sending such copies by registered or Speed post to their respective addresses. appearing in the said list, and the postal receipts and the acknowledgments [including (if any) the c....