The National Company Law Tribunal (NCLT), Kolkata has approved the Scheme of Reduction of Capital of the Burnpur Cement Limited, according to the exchange filing.
The Petition seeking approval of scheme was filed under section 66 of the Companies Act, 2013 read with the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016.
The scheme of capital reduction of Burnpur Cement Limited proposed for the reduction of issued, subscribed and paid-up equity share capital of the Company from ₹ 86,12,43,630 divided into 8,61,24,363 Equity Shares of ₹10 each, fully paid-up, to ₹17,22,48,730 divided into 1,72,24,873; Equity Shares of ₹10 each, fully paid-up pursuant to Section 66 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013.
The tribunal held the sanction to not affect any action pending or contemplated by any Government authority or regulatory or statutory authorities for violation of any provision of the law for the time being in force.
The company is likely to have applied for the certified copy of the said Order for onward filing with the RoC in e-form INC-28.
The matter was heard by the bench of D. Arvind Member (Technical Member) and Bidisha Banerjee (Judicial Member).
