Loss of private company privileges: default in required articles leads to loss of exemptions unless relief granted. If a company includes the provisions required for private company status but defaults in complying with any such provision, it loses the privileges and exemptions of a private company and the Companies Act applies to it as if it were not private; the Central Government may, on application and on just terms, relieve the company from these consequences if the failure was accidental, inadvertent, for sufficient cause, or it is otherwise just and equitable to grant relief.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Loss of private company privileges: default in required articles leads to loss of exemptions unless relief granted.
If a company includes the provisions required for private company status but defaults in complying with any such provision, it loses the privileges and exemptions of a private company and the Companies Act applies to it as if it were not private; the Central Government may, on application and on just terms, relieve the company from these consequences if the failure was accidental, inadvertent, for sufficient cause, or it is otherwise just and equitable to grant relief.
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