https://www.taxtmi.com/caselaws?id=449826 Delhi HC upheld the constitutional validity of Rule 37(8) of the Companies (Incorporation) Third Amendment Rules, 2016, dismissing a petition challenging the rejection of conversion from unlimited to limited liability company. The court held that the 2016 amendment was curative in nature, protecting creditor interests, and applied to pending applications. The petitioner had no vested right to conversion certification. RoC's rejection was justified considering ongoing prosecutions by Serious Fraud Investigation Organization, substantial financial losses exceeding Rs. 2100 crores, non-compliance with procedural requirements, and absence of stakeholder consent and public advertisement for creditor objections. en-us Fri, 16 Feb 2024 00:00:00 +0530 Tue, 20 Feb 2024 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449826 Delhi HC upheld the constitutional validity of Rule 37(8) of the Companies (Incorporation) Third Amendment Rules, 2016, dismissing a petition challenging the rejection of conversion from unlimited to limited liability company. The court held that the 2016 amendment was curative in nature, protecting creditor interests, and applied to pending applications. The petitioner had no vested right to conversion certification. RoC's rejection was justified considering ongoing prosecutions by Serious Fraud Investigation Organization, substantial financial losses exceeding Rs. 2100 crores, non-compliance with procedural requirements, and absence of stakeholder consent and public advertisement for creditor objections. Case-Laws Companies Law Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449826