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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Subsidiaries of Foreign Corporations Can Revert to Private Status Under Companies Act, No Exemptions Needed.</h1> The circular addresses the applicability of Section 43A(2A) of the Companies Act, 1956, following amendments that nullified the section's effect on deemed public companies, particularly those subsidiaries of foreign corporations. It clarifies that such companies can revert to private limited status without needing exemptions previously required under Section 4(7). Companies must apply to the Registrar to change their status, and the Registrar must update the incorporation certificate within four weeks of receiving the application. Companies not applying for reversion are considered to have chosen to remain public.
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