IN RE Vs. JEET (INDIA) LIMITED

JUDGEMENT

(1.) Vide this Petition under section 14(1) of the Companies Act 2013, the petitioner M/s. Jeet (India) Limited (hereinafter called the Company) CIN No. U1549 5DL1990PLC129652 prays for conversion of its status from a Public Company to a Private one.

(2.) The petitioner is a wholly owned company with nineteen shareholders. It has its registered office within the territorial jurisdiction of this Bench. Its fund requirement is primarily met by its shareholders and it does not intend to raise any funds from the public. Under such circumstances, with a view to do away with the onerous compliances required from a public limited company, a decision was taken by the Board of Directors on 21.02.2017 for converting its status to a Private Company. Notice was issued for circulating the Agenda along with the explanatory note for holding the EGM on 22.03.2017.

(3.) Necessary steps for altering the Company's Articles of Association and Memorandum of Association were also initiated. Subsequently, the Company in its Extra Ordinary General Meeting dated 22.03.2017, resolved to convert the Company into a Private Limited Company and the name of the Company was proposed to be changed from "M/s. Jeet (India) Limited" to "M/s. Jeet (India) Private Limited" subject to approval of this Tribunal.