IN RE Vs. PIRAMAL GLASS LIMITED

JUDGEMENT

(1.) This Applicant company has filed this Company Petition for converting Public Limited Company into Private Limited Company on the ground that the Shareholders in this company are 10 only and the company is a closely held unlisted public company, the Applicant Company sought for approval of its Special Resolution passed by the company for such conversion as prescribed under Rules of NCLT.

(2.) On perusal of the Application, it appears that Board meeting was held on 5.4.2017, in pursuance thereof, Extra Ordinary General Meeting was held on 23.5.2017 for approval of Resolution for conversion of the applicant Company into Private Limited Company setting out the reasons for conversion of the Company limited by shares having its Registered Office within the State of Maharashtra.

(3.) The Applicant Company has attached the list of Creditors drawn up to 30.06.2017 ie. within two months before filing this Company Petition providing the names and addresses of every Creditor mentioning the respective amounts due to them. The list shows that a sum of Rs.411,53,36,379 is due to 23 secured creditors and sum of Rs.674,31,47,493 is due to 1177 unsecured creditors. The above said figures were certified by two directors of the company through an Affidavit. The Company further added that the creditors will be paid off in the ordinary course of business and they will not be affected by this conversion.