NCLT approves 90 percent capital reduction to write off accumulated losses
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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NCLT Mumbai has sanctioned Sikozy Realtors scheme to reduce paid up equity capital from Rs 4.45 crore to Rs 44.58 lakh by cancelling 4.01 crore shares (90 percent) on a proportionate basis. The reduction will be used to set off part of the accumulated losses, which stood at about Rs 6.04 crore. Shareholders had already approved the move with 99.38 percent voting in favour. No cash is paid to shareholders and ownership percentages stay unchanged.
Share count drops 90 percent but ownership percentage stays same. Accumulated losses reduce by about Rs 4 crore, which may improve book value per share.