DELEGATION OF POWERS TO REGIONAL DIRECTOR UNDER SECTION 458 OF COMPANIES ACT 2013
The MCA vide its notification dated 06 September 2017 pursuant to power vested in it under Section 458 of the Companies Act, 2013 has delegated its powers pertaining to Reduction of Share Capital to the Regional Directors (RD) at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong, the powers and functions vested in it under Sub Section (2) of Section 66 of the Companies Act 2013.
Accordingly, the RD shall give notice of every application made to it under Section 66(1) to:
- The Central Government;
- Registrar (ROC);
- The Securities and Exchange Board of India (SEBI);
- and The Creditors of the company.
It shall take into consideration, the representation made to it, if any, within three months from the date of receipt of the notice. If no representation has been received within said period, it shall be presumed that they have no objections.