Reduction of share capital under Sec 66 requires:
ATribunal confirmation on application by the company + special resolution
BBoard resolution only
COrdinary resolution only
DSEBI approval only
Answer & Solution
Correct answer: A. Tribunal confirmation on application by the company + special resolution
1. Step 1: Per Sec 66, reduction of share capital requires a special resolution AND Tribunal confirmation on application.
2. Step 2: This is more stringent than Sec 61 (alteration).
3. Step 3: Hence (A).
_Source: ICAI BoS CA Inter Paper 1, Ch 14 "Internal Reconstruction"_