https://www.taxtmi.com/caselaws?id=449826 A pending conversion application had to be tested under Rule 37(8) of the Companies (Incorporation) Third Amendment Rules, 2016 as amended, because the change was treated as curative and aimed at protecting creditors and stakeholders. The Court held that no applicant had a vested right to have the matter decided only under the unamended regime, so the law in force on the date of decision governed the application. The amended eligibility conditions, including scrutiny of net worth and pending inquiry, inspection or investigation, applied to the pending request. On the facts, the rejection was sustained by the company's adverse financial position, pending prosecutions, and inadequate supporting material. 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 A pending conversion application had to be tested under Rule 37(8) of the Companies (Incorporation) Third Amendment Rules, 2016 as amended, because the change was treated as curative and aimed at protecting creditors and stakeholders. The Court held that no applicant had a vested right to have the matter decided only under the unamended regime, so the law in force on the date of decision governed the application. The amended eligibility conditions, including scrutiny of net worth and pending inquiry, inspection or investigation, applied to the pending request. On the facts, the rejection was sustained by the company's adverse financial position, pending prosecutions, and inadequate supporting material. Case-Laws Companies Law Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449826