Corporate News
Balkrishna Industries Limited informed the National Company Law Tribunal (NCLT) that it has received an order of admission for a scheme of capital reduction. The scheme involves writing off accumulated losses by utilizing the balance in the Securities Premium Account and adjusting the paid-up equity share capital by reducing the face value of each share from Rs 10 to Rs 1. Additionally, the company proposes to reduce its outstanding 6.5% non-cumulative redeemable preference shares. The NCLT has directed the company to serve notices to secured and unsecured creditors, the Central Government, the Registrar of Companies, the Securities and Exchange Board of India, stock exchanges, and the Income Tax Authority, and to publish notices in newspapers.