Companies Act, 2013

Section - 66 - Reduction of share capital

Reduction of share capital.

66. (1) Subject to confirmation by the Tribunal on an application by the company, a company limited by shares or limited by guarantee and having a share capital may, by a special resolution, reduce the share capital in any manner and in particular, may-

(a)-extinguish or reduce the liability on any of its shares in respect of the share capital not paid-up; or
(b)-either with or without extinguishing or reducing liability on any of its shares,-
(i)-cancel any paid-up share capital which is lost or is unrepresented by available assets; or
(ii)-pay off any paid-up share capit .... To read the full section download the app from Google Play store