https://www.taxtmi.com/caselaws?id=402982 The Tribunal denied the capital reduction petition filed by Precious Energy Services Ltd. under section 66 of the Companies Act, 2013. Despite shareholder approval and compliance with procedural requirements, the Tribunal found the company's negative net worth and high borrowings indicated that the proposed reduction was not in the company's best interest. Consequently, the petition was disallowed due to the negative financial indicators and lack of overall benefit to the company and stakeholders. en-us Fri, 11 Dec 2020 00:00:00 +0530 Sat, 30 Jan 2021 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402982 The Tribunal denied the capital reduction petition filed by Precious Energy Services Ltd. under section 66 of the Companies Act, 2013. Despite shareholder approval and compliance with procedural requirements, the Tribunal found the company's negative net worth and high borrowings indicated that the proposed reduction was not in the company's best interest. Consequently, the petition was disallowed due to the negative financial indicators and lack of overall benefit to the company and stakeholders. Case-Laws Companies Law Fri, 11 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402982