https://www.taxtmi.com/acts?id=12318 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. en-us Fri, 06 May 2011 11:17:17 +0530 Fri, 06 May 2011 11:17:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12318 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. Act-Rules Companies Law Fri, 06 May 2011 11:17:17 +0530 https://www.taxtmi.com/acts?id=12318