9911796707
TMI Blog2018 (11) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... cts that emerged from the petition are that the Company was incorporated as unlisted Public Company limited by shares on 23.03.2005 under the provisions of the Companies Act, 1956 as M/s. Enlightened Projects Limited and is engaged in real estate business and construction business. The authorized share capital of the Company is Rs. 47,00,000 /- (Rupees Forty Seven Lacs only) divided into 4,70,000 (Four Lakhs seventy thousand only) Equity Shares of Rs. 10/- each and the issued subscribed and paid up equity share capital of the company is Rs. 46,11,250 /- (Rupees Forty Six Lakhs eleven thousand two hundred and fifty only) divided into 4,61,125 (Four Lakhs Sixty one thousand one hundred twenty five only) equity shares of Rs. 10/- each. 3. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... companies were granted a number of exemptions and concessions, from time to time, under the various provisions of the said Act and since no purpose would be served by retaining the public limited character of the company. The conversion of the Company into a private limited company would help the company to eliminate and streamline its corporate compliances and increase the efficiency in functioning. It is further stated that the proposed conversion into Private Limited Company would not prejudice the rights or interest of any creditors and shall not affect any debts, liabilities, obligations or contracts incurred or entered into, by or on behalf of the petitioner company, if any. It is further stated that the Company is at present an Unli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g List of Creditors. 7. It is submitted that the required mandate under Rule 68 of the National Company Law Tribunal Rules, 2016 has been complied with; and the Company has received "No Objection" from its Two Corporate Creditors; the Company has not received any objection either from any member or creditor of the Company, the Board of Directors and all the shareholders of the Company have unanimously approved the proposed conversion of Company to Private Limited Company; the company is not registered under Section 8 of the Companies Act, 2013; and hence, the prayer for approval of the proposed conversion of the said Company from Public Limited Company to Private Limited Company may be accorded, as sought to be effected by the Special Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany and its directors/ KMPS; no technical scrutiny/ inspection/ investigation has been initiated against the Company; Financial statements and Annual Return for the year ended on 31.03.2017 were filed by the Company and that e-form MGT-14 was also filed for the proposed conversion and the altered Articles of Association of the Company. 10. Perused the case record and considered the submissions of Ld. Pr.C.S. appearing for the Petitioner. 11. It transpired from records that the Special Resolution for conversion was passed by the Board of Directors of the Company on 03.04.2017 and thereafter, at the EOGM held on 28.04.2017, Eight (08) Members of the Company had attended out of nine(09) and unanimously approved the conversion resolution. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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