M/s Masl Control Cables Limited Vs

Vide this Petition under section 14(1) of the Companies Act 2013, M/s Masl Control Cables Limited (hereinafter called the Company) having CIN

No. U35122 DL2013 PLC253622 prays for conversion of its status from a Public Company to a Private one.

The authorized Share Capital of the company is Rs. 50,00,000/- (Rupees 50 Lakhs) divided into 5,00,000 Equity Shares of Rs. 100/- each. The

applicant is stated to be a closely held company having seven (7) 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 01.02.2018 for converting its status to a Private Company. Notice was issued

circulating the Agenda along with the explanatory note for holding the EGM on 05.02.2018.

The Company in its EGM held on 05.02.2018, 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 Masl Control Cables Limited"" to ""M/s. Masl Control Cables Private Limited"" subject to approval of

this Tribunal. Necessary steps for altering the Company's Articles of Association were also initiated.

The petition is accompanied with affidavits of the Company's Director, Mr. Sanjay Garg deposing that all due compliances have been carried out.

Publication has been effected in the English ""Business Standard"" and Hindi ""Jansatta"" (Delhi Edition) dated 27.08.2018 and have been filed on record.

Pursuant to the publication, no objections have been received. The petition is duly annexed with the audited Financial Statements for the year ending

31.03.2017, a certified copy of the Resolution passed in the EGM dated 05.02.2018 and compliance of filing MGT-14 with the office of the RoC. It is

also submitted that the company has 34 creditors. Further affidavit that no objection has been received by them pursuant to the publication is also on

record. There is no legal proceeding pending against the company in any Court of Law.

As the company has complied with statutory requirements, due approval is accorded for its conversion to a Pvt. Ltd. Company. Its name shall be

changed from ""M/s Masi Control Cables Limited"" to ""M/s. Masl Control Cables Private Limited"" in terms of its amended Articles of Association, with

the status of all concerned to be in the same position as prior to conversion.

The Company petition stands allowed. Fresh Certificate of Incorporation be issued by the RoC.