Application for reduction of share capital maintainable under Section 66: NCLAT

Brillio Technologies Pvt. Ltd. Vs Registrar of Companies (NCLAT Delhi) NCLAT that the NCLT has erroneously held that the Application for reduction of share is not maintainable under Section 66 of the Act, consent affidavits from the creditors is mandatory for reduction of share capital, SPA cannot be utilized for making payment to non-promoter shareholders, consent from 171 non-promoter shareholders who are not traceable is required, selective reduction of shareholders of non-promoter shareholders is not permissible. The Tribunal has dismissed the Application on untenable grounds. Therefore, w...