IN RE Vs. CENTRAL INDIA NUTRIENTS LTD

JUDGEMENT

(1.) Central India Nutrients Limited filed this application under Section 14 (1) of the Companies Act, 2013 with a prayer to confirm the alteration of "Central India Nutrients Limited" into a Private Limited Company with name "Central India Nutrients Private Limited" and for alteration in the Memorandum and Articles of Association accordingly.

(2.) The facts in brief, that are germane for disposal of this petition, are as follows:-

(3.) The petitioner company was incorporated on 17th February, 1984 as a Public Limited Company. It is stated that, since the date of incorporation there is no involvement of public in the shareholding of the petitioner company or in the management of the petitioner company. The company thought it fit to convert the company into Private Limited company to avoid unnecessary formalities and to have privileges that are available to private limited companies under the Companies Act, 2013 and in order to help the management to carry out its affairs efficiently and economically. It is also stated that conversion will not have any adverse effect on any of the shareholders, creditors or any other related parties.