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NATIONAL COMPANY LAW TRIBUNAL
SHRI SUNIL KUMAR AGGARWAL, SHRI RADHAKRISHNA SREEPADA, JJ
WORLDWIDE REALCON PRIVATE LIMITED VS
Headnote: Read headnote
ORDER
Per: Radhakrishna Sreepada, Member(Technical)
1. This petition filed by Worldwide Realcon Private Limited (hereinafter referred as ‘Petitioner Company’) Under section 66 of the Companies Act, 2013 (hereinafter referred to as “Act”) inter alia seeking following reliefs:
a. That the reduction of share capital, resolved on December 6, 2024, by special resolution set out in paragraph 11 above, be confirmed by this Hon’ble Tribunal, so that the same is binding on all shareholders and creditors of the Petitioner Company;
b. That notice be issued by this Hon’ble Tribunal to the Central Government, Ministry of Corporate Affairs, represented by the Regional Director, the Registrar of Companies, the Reserve Bank of India, and to the creditors of the Petitioner Company;
c. That directions for publication in the newspapers viz., Business Standard (English Language) and Kannada Prabha (Kannada Language), be issued by this Hon’ble Tribunal;
d. That all inquiries and d
Capital reduction using securities premium to offset losses is impermissible, as per Sections 52 and 66 of the Companies Act 2013.
Approval for capital reduction must comply with statutory provisions; share premium cannot offset accumulated losses.
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.
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