SC holds that loss on capital reduction is allowable -Capital reduction akin to extinguishment or relinquishment and thus results in transfer of shares
Jupiter Capital Pvt Ltd (‘Assessee’) had acquired 15,33,40,900 shares having face value of INR 10 each in Asianet News Network Pvt Ltd (‘theCompany’). The total share capital of the Company was 15,35,05,750 shares, resulting in Assessee’s stake being 99.88% in the total paid up equity share capital of the Company.
