The High Court found the respondents' delay and inaction unjustified and directed them to withdraw the existing approval and process the Boards’ applications under Section 10(46) from the relevant assessment years.

The Tribunal found the reduction commercially justified and non-prejudicial to shareholders or creditors. The ruling underscores that surplus capital may be returned when operational focus changes and statutory compliance is ensured.

The Tribunal found the reduction commercially justified and non-prejudicial to shareholders or creditors. The ruling underscores that surplus capital may be returned when operational focus changes and statutory compliance is ensured.