Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee - Member (Judicial) and Jatindranath Swain - Member (Technical))
Order Date: September 18, 2026
Case Overview
This appeal challenges an order dated May 29, 2026, passed by the National Company Law Tribunal (NCLT) in application CA/95/BB/2025 filed by Vattikuti Technologies Pvt Ltd. The appellant had sought recall of an earlier NCLT order dated September 26, 2024, which had permitted reduction of the company's share capital. Notably, the same applicant who originally sought the share capital reduction in 2024 is now seeking restoration of the status quo ante (the original capital structure before the reduction).
The NCLAT heard brief arguments from the appellant's counsel, Mr. Arjun K Perikal, and has directed the appellant to file a short note addressing two specific issues: (1) the specific purpose basis on which the company originally sought share capital reduction in 2024, and (2) the specific change of circumstances that has prompted the same applicant to now seek restoration of the original capital structure.
Final Outcome
The appeal has been listed for next hearing on September 29, 2026. The tribunal has not made any final determination on the merits of the case but has sought additional clarification from the appellant before proceeding further with the appeal.
Topics: Share Capital Reduction, NCLAT Appeal, Corporate Restructuring