Deemed Public Company ‑ Applicability of other provisions of the Companies Act on deemed conversion by virtue of the section - Companies Law - Letter No. 48(32)‑CL‑IV/62,

Circular : Letter No. 48(32) ‑ CL ‑ IV/62, dated 16 ‑ 11 ‑ 1962. Subject:- Deemed Public Company ‑ Applicability of other provisions of the Companies Act on deemed conversion by virtue of the section This Department does not see any reason to modify the views expressed in para 4 of this Department s Circular Letter No. 48(50)‑CL‑IV/61, dated 12‑2‑1962 [printed as Clarification 1]. There is nothing in the section to support the view that where the same individuals hold shares in the private company in question and/or in all or some of the several shareholding companies, they (the individuals) should not be regarded as separate and distinct members for computing the total number for the purpose of section 43A(6)(b). Though such individuals may be common members of more than one shareholding company and/or the private company under consideration, they retain their distinct and separate identity as members of each such company with distinct rights as such.