Valuation Report Not Mandatory for Share Capital Reduction Under Section 66 of Companies Act: Supreme Court

The Supreme Court of India delivered an important judgment interpreting the provisions governing reduction of share capital under Section 66 Companies Act, 2013. The Court clarified that obtaining or circulating a valuation report from a registered valuer is not a mandatory statutory requirement when a company undertakes reduction of its share capital. The ruling came while deciding appeals filed by minority shareholders challenging the capital reduction exercise undertaken by Bharti…