2017 (8) TMI 389

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.... company and the same be allowed to change its status from public to private company. 2. At this juncture, there are three objectors. First Objector Mr. N. Sivaprasad has filed his objections stating that the 'consolidation of shares' which has happened during February 2016 is not in accordance with the law and the shareholders who are having less stakes have been paid and thrown out of the company and if the application of the company for conversion is allowed that would violate the rights of the Objector who has already been paid by the company as per the scheme of consolidation of shares and presently he is not a shareholder. He further submitted that when the status of the company is changed, then the applicable provisions of t....

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....illing to deposit the money equivalent to the proportion of its shares to get the 'rights issue' to the tune of Rs. 102.24 crores provided the probate of Will is granted by the Hon'ble High Court of Madras in relation to the estate of Dr.MAM Ramasamy (deceased). The probate of Will would make the Trust entitled to get its name entered in the Register of the Members of company to the extent of 71 equity shares with all consequential benefits. Therefore, the Trust is at liberty to decide the course of action as proposed by the Applicant Company. 3. However, the Objectors have not been in a position to explain as to how the interest of the company would be prejudiced if the application of the company is allowed for conversion of i....

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....une of Rs. 421.96 crores, that has been completed on 2.5.2016. 5. To fulfil the requirements under law, the Board of Directors has convened a meeting on 26.05.2016 wherein the Board decided for conversion of the applicant company from public to private and sought to convene an EoGM. The EoGM has been convened and conducted on 20.06.2016. Eleven out of 15 shareholders have participated. Out of the eleven shareholders, ten have consented and one dissented. The resolutions have been passed by the majority of 95.5% by resolving that the status of the company may be changed from public to private and also to bring alteration in the Articles of Association in order to align the same with the provisions of the Companies Act, 2013. The list of cre....