TMI BlogNational Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... ir publication in the Official Gazette. (3) The words and expressions used in these rules but not defined and defined in the Companies Act, 2013 (hereinafter referred to as the Act) or in the Companies (Specification of Definitions Details) Rules, 2014 or the National Company Law Tribunal Rules, 2016 shall have the meanings respectively assigned to them in the Act or the said rules. 2. Form of application or petition for Reduction of share capital under section 66 .-(1) An application to the Tribunal to confirm a reduction of share capital of a company shall be in Form No. RSC-1 and fee shall be, as prescribed in the Schedule of fee to these rules. (2) An application to confirm a reduction of share capital of a compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Law Tribunal. - (1) The Tribunal shall, within fifteen days of submission of the application under rule 2, give notice, or direct that notice be given to - (i) the Central Government, Registrar of Companies, in all cases, in Form No. RSC-2 ; (ii) the Securities and Exchange Board of India. in the case of listed companies in Form No. RSC-2: (iii) the creditors 01' the company, in all cases in Form No. RSC-3; seeking their representations and objections, if any. (2) The notice under clause (iii) of sub-rule (1) shall be sent, within seven days of the direction given under that sub-rule or such other period as may be directed by the Tribunal, to each creditor whose name is entered in the list of creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and the publication in the newspaper under this rule shall, as soon as may be, but not later than seven days from the date of issue of such notices, file an affidavit in Form No. RSC- 5 confirming the despatch and publication of the notice. (6) Where the Tribunal is satisfied that the debt or claim of every creditor has been discharged or determined or has been secured or his consent is obtained, it may dispense with the requirement of giving of notice to creditors or publication of notice under this rule or both. 4. Representation by Central Government, Registrar etc. under sub section (2) of section 66 .- If the authorities or the creditors of the company referred to in clause (i), clause (ii) and clause (iii) of sub-rule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) The order confirming the reduction of share capital and approving the minute shall be in Form No. RSC - 6 on such terms and conditions as may be deemed fit. (3) The Certificate issued by the Registrar under sub-section (5) of section 66 shall be in Form No. RSC -7 . SCHEDULE OF FEES S. No. Section of the Companies Act, 2013 Nature of application / petition Fees in Rs. 1. Sub-Section (1) of Section 66. Application for reduction of share capital. 5,000/- [F. No. 1/30/2013/CL.V ] (Amar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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