In a relief to the Reliance Industries arm Reliance Retail, appellate tribunal NCLAT has set aside a petition against the leading retailer, which in 2023 reduced the equity share capital of the company, saying non-promoters were offered a "fair value" of their shares.

Reliance Retail had in 2023 decided to reduce and cancel 78,65,423 equity shares of the company, held by the minority shareholders, other than the promoters/holding company.

Observing that non-promoter shareholders were offered a "fair value" of their shares during the exercise and an overwhelming majority voted in favour of the resolution, the appellate tribunal upheld the earlier order passed by the National Company Law Tribunal (NCLT) and said it found "no reason to upset a reasoned order passed" by it.

The NCLAT, while

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