NCLT approves 99.42 percent share capital cut to offset losses
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NCLT Kolkata has approved Beeyu Overseas' plan to reduce equity share capital by about 99.42 percent, cancelling 1,40,58,633 shares of INR 10 each. Paid-up capital will fall from INR 14.14 crore (1.41 crore shares) to INR 8.28 lakh (82,820 shares) to set off accumulated losses of about INR 23.14 crore, partly using Capital Reserve and Securities Premium. No payment to shareholders. Effective after statutory filings.
Shareholders' holdings will be cut by about 99.42 percent on a pro-rata basis with no cash payout. Proportional ownership among remaining shares stays the same.