9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (12) TMI 1314 - HC - Companies Law
Issues involved: Compliance with accounting standards, adequacy of authorized share capital, correction of date of incorporation, conversion of companies from Private Limited to Public Limited.
Compliance with accounting standards: The Court noted observations by the Central Government regarding the maintenance of accounting standards. The petitioner's counsel assured the court that the necessary accounting standards would be upheld. Adequacy of authorized share capital: Another observation was made regarding the inadequacy of the transferee company's authorized share capital to allot shares to members of transferor companies as per the scheme. The petitioner's counsel assured the court that the required increase in authorized capital would be promptly executed to facilitate the share allotment. Correction of date of incorporation: Leave was granted to rectify the date of incorporation in the petition and scheme to reflect 30th July, 2008 for petitioner No.3. Additionally, permission was given to amend the cause title, body of the petition, and scheme to accurately represent the conversion of petitioner Nos.3 and 4 from Private Limited to Public Limited Companies. Conversion of companies from Private Limited to Public Limited: The petitioners were allowed to make necessary corrections in the scheme to specify the original status of the companies as Private Limited and the date of conversion to Public Limited. The application was granted based on the assurances and conditions provided, with orders passed in accordance with the specified prayers. Miscellaneous: The department was directed to accept a legible computerized printout of the scheme and asset schedule from the petitioners, to be appended to the certified order copy without the need for a handwritten version. A consolidated cost of 200 G.Ms was imposed on the petitioner to be paid to the Central Government. All parties were instructed to act upon a signed photocopy of the order, adhering to the usual undertakings.
|
