Tenova Technologies NCLT Approves Capital Reduction

NCLT Mumbai approves Tenova Technologies' petition to reduce its share capital by Rs. 34.40 crore to offset accumulated losses of Rs. 53.01 crore.
The reduction involves cancelling 3.44 crore equity shares and utilizing Rs. 18.61 crore from capital reserves with no payout to shareholders.
Regional Director raised observations on FEMA compliance, tax implications, and beneficial ownership, which were addressed by the company.
The order directs the company to file the order with ROC, publish notices, and comply with RBI guidelines for FEMA regulations.