Section 66 of CA 2013 : Section 66: Reduction Of Share Capital

CA 2013

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Explanation using Example

Imagine a company named 'Tech Innovations Ltd.', which is limited by shares, has been facing financial difficulties and realizes that its paid-up share capital is more than what is needed for its current operations. To streamline its capital structure and improve its financial health, the company decides to reduce its share capital.

The company passes a special resolution to reduce its share capital. However, before implementing the reduction, 'Tech Innovations Ltd.' must seek confirmation from the National Company Law Tribunal (NCLT), as per Section 66 of the Companies Act, 2013.

The compan...

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