No separate class for Non-Promoters group is permitted under Section 66 of the Companies Act, 2013 for voting on Special Resolution for capital reduction – Narendra Singhania and Anr. Vs. Minosha India Ltd. – NCLAT New Delhi
In this case, the only argument is non-promoters should be treated as a separate class and they only be allowed to vote on special resolution for reduction. NCLAT disagrees and holds that no separate class is permitted under Section 66 of the Companies Act, 2013 or in any other provision of the Companies Act, 2013. The argument of the appellants needs to be rejected. The appeal thus has no merit and is accordingly dismissed.
