NCLT Chennai bench seeks clarifications on Tropical Realty's scheme for capital reduction under Sections 230-232.
Tribunal queries details on the amount of capital reduction, share buy price, and funding mechanism for the scheme.
Bench notes the scheme resembles a share buy-back under Section 68 and requests explanation on this aspect.
Matter adjourned to July 15, 2026, granting counsel one week to respond to the tribunal's clarifications.