K. Anantha Padmanabha Swamy, Member - (1.) This is a Company Petition filed by M/s. Universal Coke and Power Limited (hereinafter called as "Company") on 14th October, 2016 under section 14(1) of the Companies Act, 2013, seeking approval of this Tribunal for conversion of its status from that of Public Company into Private Company.
(2.) The Petitioner Company has been incorporated on 11.06.2014 having CIN: U231010TN2014PLC96120 having its Registered Office at Sigappi Achi Building, 4th Floor, 18/3, Rukmini Lakshmipathy Road, Egmore, Chennai-600008, the object of which is mentioned in Clause-IIIA of the Memorandum of Association. The Applicant Company is a Public unlisted Company. The Petitioner Company, in order to obtain privileges which are available to the Private Limited Companies to help the management to carry out its affairs efficiently, is filing this Petition for converting its status from that of Public Company into a Private Company.
(3.) The Authorised and Paid up Capital of the Company is Rs. 5,00,000/- divided into 50,000 equity of shares of Rs. 10/- each. There are only 7 Shareholders and all of them voted in favour of the resolution passed in the Extra-Ordinary General Meeting held on 06.06.2016 wherein it was unanimously resolved to convert the Company into a Private Limited Company and to alter the Company's Articles of Association in this regard. The Company also filed the Special Resolution in Form No. MGT-14 with Registrar of Companies, Chennai, and the same was approved. The statutory returns for the financial year 2016 i.e. financial statements and annual returns have been filed. The Company has also given necessary Newspaper advertisement in "Trinity Mirror" in English and "Makkal Kural" in vern acular language both dated 28.06.2016 stating if anybody, having objections for such conversion may raise their objection within 21 days with the RoC, Chennai.;