TaxTMI 
TaxTMI 
2017 (7) TMI 1254
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..... Shyamal Anand and Ms Mama Duggal, Advocates For the Respondent (Appeal No. 184/2017) : Mr. R. Jawahar Lal, Mr. Shyamal Anand and Ms Mama Duggal, Advocat ORDER This appeal has been preferred by the appellant, Dr. M.A.M. Ramaswamy Chettiar of Chettinad Charitable Trust against the order dated 31st March, 2017 passed by the National Company Law Tribunal (hereinafter referred to as the Tribunal), Chennai Bench, Chennai. In an application filed under Second Proviso to Section 14(1)(b) of the Companies Act, 2013, the Tribunal accepted the prayer of the 1st Respondent Company to change its status from public to. private company. 2. Learned Counsel appearing on behalf of the appellant (3rd objector) submitted that while passing the impugned o....
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....the interest of the company or is being made with a view to contravene or to avoid comply with the provisions of the Act, disallow the conversion with reasons to be recorded in writing." 3. Respondents have raised main objection with regard to the locus standi of the appellant on the ground that the appellant is a trust and is not the shareholder of the 1st respondent company. 4. Learned Counsel for the appellant in reply submitted that,the shares which belongs to one Dr. M.A.M.Ramaswamy (deceased), he executed his last Will in favour of the appellant trust. Learned counsel for the appellant further stated that appellant trust has filed an application for grant of probate of the Will before the Hon'ble High Court of Madras which is pe....
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....te, stating that the company under the guise of scheme of consolidation of shares is getting the conversion of the company from public to private and ultimately that would violate the rights of the shareholders, but he could not explain as to how the rights of the shareholders would get violated. The Objector has already been paid by the company under the scheme of consolidation of shares and presently he is not a shareholder. Third Objector is a Trust called "Dr. MAM Ramaswamy Chettiar of Chettinad Charitable Trust" who has raised a different issue that on 2nd May 2016, the Applicant company has issued 'rights issue' wherein there was no participation by the Trust, because it has not been given any opportunity for the same. However....
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....est that conversion would not be in the interest of company and it is in contravention any of the provisions of law or that the said application has been filed in violation of any provisions of the Companies Act, 2013. In absence of any deficiencies, the Tribunal being satisfied having regard to the facts and circumstances of the case allowed the application. 7. The connected Company Appeal (AT) No. 184 of 2017 has been preferred by Mr. S. Adaikkappan (A) Sithirai Anandam (2nd Objector) against the same impugned order. In so far as 2nd Objector/ appellant is concerned, he is the shareholder of the 1St Respondent Company. His grievance is that the 1st respondent company took steps to oust the minority shareholders by directing paying the s....