Rajeswara Rao Vittanala, Member - (1.) The present Company Petition bearing C.P.No.l 83/14/HDB/2017 is filed by MPR Refractories Limited under Section 14(1) and other applicable provisions of the Companies Act, 2013 by inter alia seeking approval for conversion of Petitioner Company from Public Limited Company to Private Limited Company and consequently approve the alteration of Memorandum of Association and Articles of Association of the Company as approved during Special Resolution passed at the Extraordinary General Meeting held on 10-07-2017.
(2.) Heard. Dr.S.V.Ramakrishna, Learned Counsel for the Petitioner. He has filed Memo dated 23.10.2017 for withdrawal of the Petition by interalia stating that Company is contemplating expansion plans for the Company with the financial assistance from investors in the steel industry after a very long time. Therefore, investors have insisted that the status of the company should not be changed till the financial closure. Therefore, the Learned Counsel for the Petitioner praying Tribunal to permit him to withdraw the Company Petition.
(3.) Mr.Chandra Sekhar Rao, one of Directors of the Petitioner Company present today, and submits that the present Company Petition has been filed without his knowledge, though he is acting as one of the Directors of the Company. Therefore, he wanted to be heard in this case. Since the Petitioner is withdrawing the Company Petition, Shri Chandra Sekhar Rao can intervene whenever fresh Company Petition is filed in future.;