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PETITION BEFORE NATIONAL COMPANY LAW TRIBUNAL UNDER SECTION 14 OF COMPANIES ACT 2013

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 6-10-2016 - Alteration of articles Section 14(1) provides that subject to the provisions of the Companies Act, 2013 ( Act for short) and the conditions contained in its memorandum, if any, a company may, by a special resolution, alter its articles including alterations have the effect of conversion of- a private company into a public company; or a public company into a private company Conversion of a private company into a pub .....

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e effect of conversion of a public company into a private company shall not take effect except with the approval of the Tribunal which shall make such order as it may deem fit. Petition before the Tribunal A petition under the second proviso to Section 14(1) of the Act for the conversion of a public company into a private company, shall, not less than three months from the date of passing of special resolution, is to be filed before the National Company Law Tribunal ( Tribunal for short) in Form .....

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000/- The petition shall set out the following particulars- the date of the Board meeting at which the proposal for alteration of article was approved; the date of the general meeting at which the proposed alteration was approved; State at which the registered office of the company was situated; number of members of the company, number of members attended the meeting and number of members of voted for and against; reason for conversion into a private company, effect of such conversion on shareho .....

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r more than two months, setting forth the following details- the names and address of every creditor and debenture holder of the company; the nature and respective amounts due to them in respect of debts, claims or liabilities; in respect of any contingent or unascertained debt or any such claim admissible to proof in winding up of the company, the value, so far as can be justly estimated of such debt or claim; The petitioner company shall file an affidavit, signed by the Company Secretary of th .....

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f, or claims against, the company to their knowledge. List to be kept at registered office The petitioner shall keep a duly authenticated copy of the list of the creditors at the registered office of the company. Any person desirous of inspecting the same may, at any time during the ordinary hours of business, inspect and take extracts from the same on the payment of ₹ 10/- per page to the company. Advertising the petition The company shall at least 14 days before the date of hearing in th .....

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s presented; The name and address of the applicant, petitioner and his authorized representative, if any; The nature and substance of the application, petition or reference; The date fixed for hearing; A statement to the effect that any person whose interest is likely to be affected by the proposed petition or who intends either to oppose of support the petition or reference at the hearing shall send a notice of his intention to the concerned Bench and petitioner or his authorized representative .....

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notice by registered post with acknowledgement due, a notice together with the copy of the petition to the Central Government, Registrar of Companies and to the Securities Exchange Board of India, in the case of listed companies and to the regulatory body, if the company is regulated under any other Act. Objection Where any objection of any person whose interest is likely to be affected by the proposed petition has been received by the petitioner, it shall serve a copy to the Registrar on or be .....

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