Companies Act, 2017 — section 89

89. Reduction of share capital..—Subject to confirmation by the Court a company limited by shares, if so authorised by its articles, may by special resolution reduce its share capital in any way, namely

(a)cancel any paid-up share capital which is lost or un-represented by available assets;

(b)pay off any paid-up share capital which is in excess of the needs of the company.