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Long-suf­fer­ing share­hold­ers of pub­licly list­ed TTNGL were giv­en hope of a turn­around in their for­tunes yes­ter­day, when the com­pa­ny an­nounced a pro­pos­al to re­duce its stat­ed cap­i­tal ac­count by $2.2 bil­lion.

Share­hold­ers of TTNGL will be asked to ap­prove a spe­cial res­o­lu­tion at its Feb­ru­ary 5 an­nu­al meet­ing that would re­duce its to­tal share cap­i­tal from $2.772 bil­lion to $572.12 mil­lion.

In a let­ter to share­hold­ers, TTNGL said the com­pa­ny has been un­able to pay div­i­dends to its share­hold­ers over the last three years, due to its in­abil­i­ty to sat­is­fy the sol­ven­cy test pre­scribed in the Com­pa­nies Act.