Reversion to private company status: subsidiaries of foreign corporates may revert upon application; Registrar must update certificate. The amendment nullifies the earlier deemed public effect for subsidiaries of foreign body corporates, restoring statutory private company status where applicable. Companies must apply to the Registrar to amend their certificate of incorporation, and the Registrar is required to substitute 'private limited' for 'public limited' and complete corrections within four weeks. No time limit is prescribed for seeking reversion; companies that do not apply are deemed to have chosen to remain public, and the former exemption used when foreign bodies held all shares is no longer required.
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.
Reversion to private company status: subsidiaries of foreign corporates may revert upon application; Registrar must update certificate.
The amendment nullifies the earlier deemed public effect for subsidiaries of foreign body corporates, restoring statutory private company status where applicable. Companies must apply to the Registrar to amend their certificate of incorporation, and the Registrar is required to substitute "private limited" for "public limited" and complete corrections within four weeks. No time limit is prescribed for seeking reversion; companies that do not apply are deemed to have chosen to remain public, and the former exemption used when foreign bodies held all shares is no longer required.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
