https://www.taxtmi.com/highlights?id=75061 Constitutional Validity of Rule 37(8) - Rejection of conversion of the Petitioner's company from an “Unlimited Liability Company” to a “Limited Liability Company” - The High court concluded that the 2016 Amendment, being curative in nature and intended to protect creditors' interests, applies retrospectively to pending applications. This means that the additional criteria introduced by the amendment for conversion applications must be satisfied for approval. - The HC found the RoC's concerns about protecting creditors and stakeholders to be justified, given the petitioner's significant financial losses and the lack of clearances or undertakings from all shareholders supporting the conversion. en-us Wed, 21 Feb 2024 07:11:53 +0530 Wed, 21 Feb 2024 07:11:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75061 Constitutional Validity of Rule 37(8) - Rejection of conversion of the Petitioner's company from an “Unlimited Liability Company” to a “Limited Liability Company” - The High court concluded that the 2016 Amendment, being curative in nature and intended to protect creditors' interests, applies retrospectively to pending applications. This means that the additional criteria introduced by the amendment for conversion applications must be satisfied for approval. - The HC found the RoC's concerns about protecting creditors and stakeholders to be justified, given the petitioner's significant financial losses and the lack of clearances or undertakings from all shareholders supporting the conversion. Highlights Companies Law Wed, 21 Feb 2024 07:11:53 +0530 https://www.taxtmi.com/highlights?id=75061