Reduction of capital

As we incorporate a new company with an Authorized share capital of Rs. 2.5 Cr.,but now the Promoters of the company want to reduce the paid up share capital as shown in master data of the company,because by mistake they approved the said Auth. Share capital they do not have such amount to satisfy the rest of paid up share capital. Is there any remedy to reduce the capital and if not then what time period is they should for the transaction held under companies act 1956  companies act 2013.