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Home Acts & Rules Companies Law Acts Companies Act, 2013 Chapters List Chapter IV SHARE CAPITAL AND DEBENTURES This
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Section 66 - Reduction of share capital - Companies Act, 2013

Extract

..... hare capital which is lost or is unrepresented by available assets; or (ii) pay off any paid-up share capital which is in excess of the wants of the company, alter its memorandum by reducing the amount of its share capital and of its shares accordingly: Provided that no such reduction shall be made if the company is in arrears in the repayment of any deposits accepted by it, either before or after the commencement of this Act, or the interest payable thereon. (2) The Tribunal shall give notice o .....

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Section 66 - Reduction of share capital - Companies Act, 2013

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..... pital shall be sanctioned by the Tribunal unless the accounting treatment, proposed by the company for such reduction is in conformity with the accounting standards specified in section 133 or any other provision of this Act and a certificate to that effect by the company's auditor has been filed with the Tribunal. (4) The order of confirmation of the reduction of share capital by the Tribunal under sub-section (3) shall be published by the company in such manner as the Tribunal may direct. .....

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Section 66 - Reduction of share capital - Companies Act, 2013

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..... of any creditor entitled to object to the reduction of share capital under this section is, by reason of his ignorance of the proceedings for reduction or of their nature and effect with respect to his debt or claim, not entered on the list of creditors, and after such reduction, the company 1[commits a default, within the meaning of section 6 of the Insolvency and Bankruptcy Code, 2016, in respect of the amount of his debt or claim,]- (a) every person, who was a member of the company on the da .....

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Section 66 - Reduction of share capital - Companies Act, 2013

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..... srepresentation as aforesaid, he shall be liable under section 447. (11) If a company fails to comply with the provisions of sub-section (4), it shall be punishable with fine which shall not be less than five lakh rupees but which may extend to twenty-five lakh rupees. ******************** Notes:- 1. As Amended vide Insolvency and Bankruptcy Code, 2016, ELEVENTH SCHEDULE, before it was read, "is unable, within the meaning of sub-section (2) of section 271, to pay the amount of his debt or c .....

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Section 66 - Reduction of share capital - Companies Act, 2013

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