In re DEXIT Global Limited (NCLT Mumbai)
Material Facts
The petitioner company filed a petition 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 seeking confirmation of a special resolution for reduction of its preference share capital. The proposed reduction covered up to 2,03,00,000 preference shares, comprising 1,00,00,000 7% cumulative redeemable preference shares and 1,03,00,000 Series A, 7%, cumulative, non-participating and optionally convertible redeemable preference shares, amounting to ₹203 crore, by paying consideration up to the same amount to the preference shareholders.
The Tribunal noted that notices had been issued to secured and unsecured creditors and published in newspapers in Form RSC-4. No objections were received from any creditor. The petitioner had complied with the Tribunal’s first motion order dated 07.04.2025 and filed the required service affidavit.
Procedural History
The Board of Directors approved the proposed reduction on 01.03.2025, and the shareholders unanimously passed a special resolution at the Extraordinary General Meeting held on 03.03.2025. The petition was filed under Section 66 of the Companies Act, 2013. The Regional Director (Western Region) filed a report raising various observations, to which the petitioner submitted an Affidavit-in-Reply dated 31.07.2025. The Tribunal also sought clarifications, following which the petitioner filed an additional affidavit dated 20.04.2026.
