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NCLT Mumbai Approves Section 66 Preference Share Capital Reduction Despite Section 55 Objection
Case Law Details
- Case Name
- In re Panama Wind Energy Godawari Private Limited (NCLT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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In re Panama Wind Energy Godawari Private Limited (NCLT Mumbai)
The National Company Law Tribunal (NCLT), Mumbai Bench, allowed the petition filed by Panama Wind Energy Godawari Private Limited under Section 66 of the Companies Act, 2013 seeking confirmation of reduction of its preference share capital. The company proposed cancellation and extinguishment of its entire issued, subscribed and paid-up preference share capital comprising 6,99,99,502 8% Cumulative Non-Convertible Preference Shares held by its sole preference shareholder by utilizing the funds available with the company. The reduct...
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