IN RE Vs. DINDAYAL JALAN TEXTILES 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 7 only and there is no involvement of public shareholding in the company, henceforth 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 14.12.2017, in pursuance thereof, Extra Ordinary General Meeting was held on 7.1.2017 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 on 7.1.2017, providing the names and addresses of every Creditor mentioning the respective amounts due to them, apart from this, two directors filed an Affidavit declaring that as on 7.1.2017, a sum of Rs.84,24,37,299 as disclosed in the list of creditors is due by the Company to the creditors.