The NCLAT dismissed a plea against Reliance Retail’s 2023 move to reduce its equity share capital, upholding the NCLT order. The company had cancelled 78.65 lakh minority-held shares, offering ₹1,380 per share—a 56% premium on fair value—approved by 99.99% shareholders. The tribunal ruled the selective reduction valid, as non-promoters received fair value and no wider shareholder opposition was raised.