No statutory mandate for valuation report for reduction of share capital: SC

Pannalal Bhansali Vs Bharti Telecom Limited & Ors. (Supreme Court of India) Supreme Court held that section 66 of the Companies Act, 2013 doesn’t require mandatory obtaining or circulating of formal valuation report from an approved/registered valuer for reduction of share capital. Facts- The appellants, investors in a minority, cry foul on the allegation of their being arbitrarily disgorged of their shareholdings and eased out of the 1st respondent company, (BTL for brevity) in a grossly unfair manner, making a sham of an evaluation fixing the share price at an unreasonably low value. ...