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NATIONAL COMPANY LAW TRIBUNAL
HIND MARKETING CORPORATION PRIVATE LIMITED – Appellant
Versus
N/A – Respondent
An application under section 66 of the Companies Act, 2013 read with the National Company Law Tribunal (Procedure for Reduction of Share
Capital of Company) Rules, 2016.
In the matter of:
Hind Marketing Corporation Private Limited, a Company incorporated under the Companies Act, 1913 and having its Registered Office situated at Maurya Patna, South Gandhi Maidan,
Patna– 800001, Bihar, India.
.....Petitioner/Applicant
Date of Pronouncement:16 April,2024.
Coram:
Smt. Bidisha Banerjee, Member (Judicial)
Shri D. Arvind, Member (Technical)
Appearances:
For the Petitioner:
Mr. Shaunak Mitra, Advocate. Mr. Avik Chaudhuri, Advocate. Mr. Amandeep Singh, Advocate
The Tribunal approved the reduction of share capital under the Companies Act, affirming it would not adversely affect creditors and all statutory requirements were fulfilled.
Approval for reduction of share capital under statutory compliance without creditor opposition, enhancing financial clarity.
Approval for capital reduction must comply with statutory provisions; share premium cannot offset accumulated losses.
Capital reduction using securities premium to offset losses is impermissible, as per Sections 52 and 66 of the Companies Act 2013.
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