...
The bench has risen. Mr. Shyam Divan will argue tomorrow.
CJI: we will see later. Your arguments have concluded. Mr. Divan will argue tomorrow. We do not have time. There is no way we can invent time.
CJI: This is not an amendment to articles.
Sundaram: This was certificate of incorporation.
Sundaram refers to document compilation now.
Sundaram reading out the certificate of incorporation and highlights the words "Private" in the documents.
Sundaram: The articles changed your lords
"Does the articles change or the certificate of incorporation changed? " Asked CJI
CJI: the argument oof Sec. 14 is with regards to amendment of Articles and then convert to a public to private company. But your argument that if these provisions under you became a public company without any amendment of your articles, if that section is repealed then the position as operation of law changes.
"Sec 14 of the new Act provides various criteria for this. There is no provision of automatic conversion under the Act" he said.
"They were a hybrid company. This is a de facto company. This company never asked for reconversion. After 18 years they are suddenly changing their position" he continues.
Sundaram now refers to NCLT findings and arguing that this is of a prejudicial nature. He refers to Sec 153 of previous Companies Act and its interpretation of a private company.