Bombay High Court, in its recent decision in the case of Elpro International, has reaffirmed that a selective reduction of share capital is permissible and is not extraneous to the provisions of section 101 of the Companies Act, 1956. The court held that there is no legal requirement for the scheme of reduction of capital to be applicable to all shareholders. It can apply to a select group of shareholders so long as the prescribed consents under the act have been procured.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
