Accounting · Internal Reconstruction

Consider the following statements regarding Internal Reconstruction: Statement I: The 'Capital Reduction Account' is a temporary nominal account used to collect the amounts sacrificed by various stakeholders during reconstruction. Statement II: If any balance remains in the Capital Reduction Account after writing off all losses and fictitious assets, it can be used to pay dividends to equity shareholders. Statement III: Creditors who agree to forego a part of their claim are credited in the Capital Reduction Account with the amount they have sacrificed. Statement IV: The reduction of share capital under Section 66 of the Companies Act 2013 requires a special resolution and the confirmation of the NCLT. Statement V: After internal reconstruction, the company is required to use the words 'And Reduced' after its name for a period specified by the Tribunal. Which of the above statements are correct?