Ratakonda Murali, Member - (1.) The Petitioner Company has sought the approval of conversion of the Petitioner Company from Public Limited Company to a Private Limited Company in accordance with Section 14 of the Companies Act, 2013.
(2.) The averments made in the petition are as follows: The Petitioner Company was originally incorporated on 20th July, 1995 under the name and style of "Katwa Construction Company Limited" in the State of Karnataka. vide CIN NO.U45201KA1995PLC018351. The Registered Office of the Petitioner Company is situated at Jyoti Towers, 215/2,6th Cross, Nazar Camp, Kharbhar Galli, Madhavpur, Vadgaon, Belgaum-590005. The Authorised Capital of the Petitioner Company is Rs.50,00,000/- divided into 5,00,000 equity shares of Rs.10/- each. The issued, subscribed and paid-up share capital is Rs.35,00,000/- divided into 3,50,000 of Rs.10/- each. The Audited Balance Sheet as on 31st March, 2017 is filed along with memo dated 21st September, 2017.
(3.) The object of the Petitioner Company is to carry on the business of builders and contractors for construction of residential, commercial and industrial buildings, complexes, flats, apartments, banglows, educational campus including hostels and other dwelling units, shops, clubs, offices or otherwise acquire, hold such properties, wherever situated in India, or Rights therein and to act as Civil Engineers and Contractors, real estate agents and housing developers and to erect and construct houses, buildings, or work of every description on any land or upon any other property and to pull down, re-build, enlarge and improve existing houses, buildings, or works thereon to convert and appropriate any such land into and for roads, streets, squares, gardens, and other conveniences as stated in the main objects in the Memorandum of Association of the Company as per Annexure 'A' of the petition. It is averred in the Company Petition that the Board of Directors of the Petitioner Company has approved the proposal for conversion of the Company from Public Company to Private Limited Company and for alteration of Memorandum and Articles of Association at its meeting held on 1st March, 2017. The Copy of said Board Resolution passed by the Directors of the Petitioner Company is shown as Annexure-C.;