Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2017 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (6) TMI 1004 - Tri - Companies LawConversion from public to private - alteration of articles - Held that:- The Petitioner has given the “Undertaking” that no prejudice is going to be caused to any of the member from the Creditors if the conversion is sanctioned. The Petitioner has stated that there are only 11 Sundry Creditors as on 15th February, 2017 who have “No Objection” if the conversion is allowed. Public Notice by advertising in Newspapers viz. “Loksatta” and “Financial Express” was published on 13th April, 2017, relevant evidence is placed on record The Petitioner has complied with provisions of Section 14 to be read with Rule 68 of NCLT Rules, 2016. Therefore, having regard to all the circumstances, the conversion from public to private is in the interest of the Company which is being made with a view to comply efficiently with the provisions of Companies Act, 2013 causing no prejudice either to the members or to the creditors of the Petitioner. Therefore, the conversion is hereby allowed. The Petitioner is hereby directed to give effect of the conversion by requisite alteration in its Articles which is hereby addressed and communicate the altered Articles within a period of 15 days to the Registrar.
|