MCA has vide an amendment through the Companies Act (Ordinance), 2018 specified that conversion of a public company into a private company will require the approval of the central government, which means basically it will be the RD office which will manage that. Hitherto it was with the Tribunal.
This is part of the ease of doing business initiative of the government, wherein they first make a provision as inordinately draconian and then keep on relieving the pressure bit by bit to make it seem as a great initiative. This should never have gone to the tribunal considering the kind of pressure and load that our NCLT have ever since its inception, it has been loaded with all and sundry kinds of judicial work.
All pending applications, will, however be handled by the Tribunal only.
This is part of the ease of doing business initiative of the government, wherein they first make a provision as inordinately draconian and then keep on relieving the pressure bit by bit to make it seem as a great initiative. This should never have gone to the tribunal considering the kind of pressure and load that our NCLT have ever since its inception, it has been loaded with all and sundry kinds of judicial work.
All pending applications, will, however be handled by the Tribunal only.
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