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2018 (11) TMI 1044 - Tri - Companies LawConversion of the status of the company from “Public Limited” to “Private Limited”- Held that:- It transpires from records that the Board of Directors of the Company has passed a resolution in the meeting held on 05.05.2017 approving the conversion to Private Limited Company. A Special Resolution has also been passed on 05.06.2017 with the unanimous approval of 8 shareholders of the Petitioner Company. The said Special Resolution passed at the EOGM on 05.06.2017, has been filed by the company on 15.06.2017 through e-form MGT-14, which has been approved. The Company is stated to be an unlisted public company and is not registered under section 8 of the Act, 2013. Neither the ROC, West Bengal nor any member or creditor of the Company has any objection to the proposed conversion from Public Limited to Private Limited. As regards compliance of the required Rule 68 of NCLT Rules, 2016, it may be noted that the company has published notice of the petition both in English and Bengali Newspapers on 28.12.2017 indicating the intention of conversion from Public to Private status; in spite of public notice the company has not received any objection either from its members, creditors or any persons with regard to the proposed conversion of status of the company; and all the members of the company attended the EOGM on 05.06.2017 and approved the Special Resolution passed at the said meeting. Having regard to since all the requisite statutory compliances have been fulfilled, the conversion of the status of the company from “Public Limited” to “Private Limited” as per Special Resolution passed at the EOGM on 05.06.2017 is hereby approved in the interest of the company and such change of status of the company shall not cause any prejudice either to the members or the creditors or any other related party of the petitioner company.
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