Trigyn Technologies, a company listed on the BSE and the NSE, has informed the Exchange regarding the scheme of reduction of share capital in the securities premium account has been approved by the NCLT by writing off the losses accumulated in its balance sheet against the amounts standing to the credit of the securities premium account of the company, as reported by Reuters.

Economic Laws Practice (ELP) advised and assisted Trigyn Technologies in the successful completion of the matter including, preparation of the scheme of reduction of share capital interacting and filing necessary applications and was led by partners Darshan Upadhyay and Bhavin Gada, associate manager Manendra Singh and associate Akshata Limaye.

The scheme was filed before the Bombay High Court at the first instance under the Companies Act, 1956, and further transferred to the National Company Law Tribunal (NCLT), in the light of commencement of the relevant provisions. By way of the scheme, the company has been successful in writing off the accumulated losses amounting to INR 530 crores (approximately USD 81 million) reflecting in their books, against the amount standing to the credit of the securities premium account of the company.