NCLT Accepts Share Capital Reduction Scheme Of Burnpur Cement

NCLT Accepts Share Capital Reduction Scheme Of Burnpur Cement

The sanction will not affect the pending actions by government authorities

The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the share capital reduction scheme of Burnpur Cement Limited.

The company had filed the petition 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 subscribed and paid up equity share capital of the company from Rs.86,12,43,630 divided into 8,61,24,363 equity shares of Rs.10 each, to Rs.17,22,48,730 divided into 1,72,24,873; equity shares of Rs.10 each.

The bench comprising Bidisha Banerjee (Judicial Member) and D. Arvind Member (Technical Member) held that the sanction would not affect any action (pending or contemplated) by any government, regulatory, or statutory authority for violation of any provision.

The company will file a copy of the order with the Registrar of Companies (RoCs).