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Internal reconstruction does NOT require which of the following?
ASEBI approval in every case (irrespective of listing)
BTribunal confirmation (for reduction under Sec 66)
CArticles authorisation (for alteration under Sec 61)
DSpecial resolution
Answer & Solution
Correct answer: A. SEBI approval in every case (irrespective of listing)
1. Step 1: SEBI approval is required only for listed companies in case of specific actions.
2. Step 2: Special resolution, Tribunal confirmation (Sec 66), Articles authorisation (Sec 61) are needed depending on the action.
3. Step 3: Hence (D) is NOT a universal requirement.
_Source: ICAI BoS CA Inter Paper 1, Ch 14 "Internal Reconstruction"_