NCLT Mumbai Admits Puma Energy India Plea For ₹11.35 Crore Share Capital Reduction

The Mumbai Bench of  the National Company Law Tribunal (NCLT), on 4 May admitted a company petition under Section 66 of the Companies Act, 2013 filed by Puma Energy India Pvt. Ltd., allowing it to proceed with a proposed reduction of equity share capital by Rs. 11.35 crore through cancellation of shares, subject to statutory compliances and creditor safeguards.

A Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan passed the order.

Puma Energy India Pvt. Ltd. is engaged in the trading and distribution of petroleum, gas and related products, including LPG, LNG, crude oil, diesel, aviation fuel and marine fuel. The company stated that its shareholders unanimously approved the capital reduction through a special resolution passed at an extraordinary general meeting held on 13 February 2026.

Under the proposal, the company's issued, subscribed and paid-up equity share capital of Rs. 14.56 crore, comprising 1.45 crore equity shares of Rs. 10 each, will be reduced by cancelling shares worth Rs. 11.35 crore, representing 1.13 crore equity shares. After the reduction, the paid-up share capital will stand at Rs. 3.21 crore, comprising 32.15 lakh equity shares.

The company informed the Tribunal that it had no secured creditors and only three unsecured creditors with aggregate dues of about Rs. 4.75 lakh. It submitted that the proposed reduction would not prejudice creditor interests or affect existing liabilities and accordingly sought dispensation of creditor meetings.

Accordingly, the NCLT admitted the petition and directed issuance of statutory notices along with publication in newspapers to invite objections, if any, from stakeholders.