LORD MAHAVEER GOUTHAM BENEFIT FUND LTD Vs. STATE

JUDGEMENT

(1.) THIS is a petition filed by the petitioner-company under Section 17 of the Companies Act, 1956, to this Bench for confirmation of the alteration to the objects clause of the memorandum of association of the company as approved by the special resolution passed in accordance with Section 189 of the Companies Act, 1956, at its annual general meeting held on July 13, 1992.

(2.) The proposed alterations are :

(3.) A copy of this petition was served on the Registrar of Companies, Tamil Nadu at Madras, who has submitted his report dated September 25, 1992, suggesting that the nidhi companies are not to have any branches and, therefore, Clause 13 may not be allowed. Similarly, the addition of Clause 14, i.e., pertaining to acquiring or undertaking other companies is also undesirable, while submitting so, he has left the petition to be decided on its merits.