Capital reduction

Check out the concepts of hard and soft capital rationing as they could be the reasons for capital reduction. Or, the high court’s have the authority and supreme courts as well when related to share capital reduction. I’m not sure about district jurisdiction. 

https://www.lawstreetindia.com/experts/column?sid=314

 Ideally, in such cases, the NCLT should permit the capital reduction since it is a company and shareholder matter (and is approved by a special resolution) and particularly in light of the wide ambit of section 66 of the Companies Act, 2013