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NCLT allows consolidation and reduction of share capital of Simpson & Co

Times of India  

In a reprieve to Simpson and Co, the National Company Law Tribunal (NCLT), Chennai has allowed share consolidation and reduction of share capital of the company. As a result, the paid-up equity shares of INR 10 each in the share capital of the company will be consolidated into 250 equity shares of INR 2,500 each. Dismissing the objection raised by dissenting shareholders to the consolidation, the NCLT bench directed the company to create a trust to deposit the fractional shares of the dissenters.