Conversion of public to private company: procedural filing, notice and creditor disclosure, with Tribunal power to disallow abusive conversions. A petition under the second proviso to section 14 for converting a public company to a private company must be filed after the special resolution in the prescribed form with annexures, specify meeting and corporate particulars, attach a current list of creditors with amounts and estimates supported by an affidavit of the company secretary and two directors, and be advertised and served on creditors, regulators and authorities before the hearing; the Tribunal may disallow conversion if it is not in the company's interest or is intended to contravene or avoid the Act.
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.
Conversion of public to private company: procedural filing, notice and creditor disclosure, with Tribunal power to disallow abusive conversions.
A petition under the second proviso to section 14 for converting a public company to a private company must be filed after the special resolution in the prescribed form with annexures, specify meeting and corporate particulars, attach a current list of creditors with amounts and estimates supported by an affidavit of the company secretary and two directors, and be advertised and served on creditors, regulators and authorities before the hearing; the Tribunal may disallow conversion if it is not in the company's interest or is intended to contravene or avoid the Act.
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