- (1.) The Company Application bearing CA.No.l/14/HDB/2017 is filed by Diamond Avenues Limited (hereinafter referred to as 'the Petitioner Company') under Section 14(1) of the Companies Act, 2013 by inter-alia seeking the following reliefs:- a) Approval of conversion of Company from Public to Private under the provisions of Section 14(l) (b) of the Companies Act, 2013 by giving an order in terms of Section 14(2) of the Companies Act, 2013. b) Directing the Registrar of Companies, Andhra Pradesh & Telangana to change the name of the Company from Public to Private, etc.
(2.) The above Company Application came up for hearing before this Tribunal on 30.01.2017; 02.02.2017, 23.02.2017, 23.11.2017 and finally on 05.12.2017.
(3.) Brief facts of case as submitted by the Applicant Company are as under:- a) The Applicant Company was initially incorporated as a Public Limited Company on 12.03.2012 under the Companies Act, 1956 in the name of Vasavi Realty Limited. Subsequently, the name of the Company was changed to 'Diamond Avenues Limited' on 08.09.2014 with Corporate Identity Number (CIN) U70102AP2012PLC079668. The Authorized Share Capital of the Company as on 31.03.2015 is Rs. 1,00,00,000/-divided into 10,00,000 equity shares of Rs.10/- each and its issued, subscribed and paid-up-capital is also Rs. 1,00,00,000/-divided into 10,00,000equity shares of Rs.10/- each. b) The main objects of the Company as per its Memorandum of Association, in brief are to undertake construction activities and to develop real estate properties including promotion of houses, group houses, row houses, apartments, residential flats, Multi Storied Commercial/Residential Complexes and other complexes, hotels, tourist resorts, colonies, factories, and such other works like developing, promoting, carrying on infrastructures works, civil engineering constructions, infrastructure projects, etc. c) The Board of Directors of the Applicant Company with the approval of Members at their 4th Annual General Meeting held on 28.09.2016 considered that since there is no much involvement of public in the management of the Company, it would be appropriate to convert the company into the Private Limited to avoid unnecessary formalities and to obtain privileges which are available to the Private Limited Companies under Section 14 of the Companies Act, 2013 which would help the management to carry out its affairs more effectively and efficiently subject to approval of the Hon'ble Tribunal. d) The Applicant Company has published an advertisement in accordance with NCLT Rules, 2016 with regard to conversion of Public Limited Company to Private Limited Company one in English in "The Hans India" on 09.02.2017 and one in language i.e. Telugu in "Andhra Jyothi" on 09.02.2017. e) The Applicant Company by an affidavit dated 22.02.2017 informed that the Petitioner Company and the Counsel for the Petitioner have not received any objections from any person for conversion of petitioner Company from Public Limited Company to Private Limited Company.;