Bikki Raveendra Banu, Member - (1.) Ankleshwar Cleaner Process Technology Centre Limited filed this application under Section 14 (1) of the Companies Act, 2013 with a prayer to confirm the alteration of "Ankleshwar Cleaner Process Technology Centre Limited" into a Private Limited Company with name "Ankleshwar Cleaner Process Technology Centre Private Limited" and for alteration in the Memorandum and Articles of Association accordingly.
(2.) The facts in brief, that are germane for disposal of this petition, are as follows:-
(3.) It is stated that, Ankleshwar Cleaner Process Technology Centre Limited is a public limited company and the company is wholly owned subsidiary company of Saurashtra Enviro Projects Private Limited. The holding company is also a private limited company. It is also stated that there is no involvement of public in the shareholding of the petitioner company or in the management of the petitioner company. The company thought it fit to convert it into a private limited company to avoid unnecessary formalities and to have privileges that are available under the provisions of the Companies Act, 2013 in order to help the management to carry out its affairs efficiently and economically. It is also stated that conversion of public limited company into private limited company will not have any adverse effect on any of the shareholders, creditors or any other related parties.;