COSMOSTEELS PRIVATE LTD. vs JAIRAM DAS GUPTA & ORS.

The Supreme Court clarified the procedures for share capital reduction under the Companies Act, 1956, specifically Sections 77, 100-104, and 402. It held that while Section 77 allows for share buybacks, the procedures under Sections 100-104 are not mandatory when relief is granted under Section 402. The Court ruled that the absence of notice under Section 400 at the appellate stage did not cause injury to interveners, thus upholding the earlier order for the company to purchase shares as per the agreement reached between the parties.