IN RE Vs. OTTOMATE INTERNATIONAL LIMITED

JUDGEMENT

(1.) Vide this Petition under section 14(1) of the Companies Act 2013, M/s. Ottomate International Limited (hereinafter called the Company) CIN No. U31909 DL2017 PTC321590 prays for conversion of its status from a Public Company to a Private one.

(2.) The petitioner Company is stated to be a closely held with seven shareholders. Its fund requirements are 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 16.08.2017 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 16.09.2017.

(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 held on 16.09.2017, unanimously resolved to convert the Company into a Private Limited Company and the name of the Company was proposed to be changed from "M/s Ottomate International Limited" to "M/s. Ottomate International Private Limited" subject to approval of this Tribunal.