Companies Act, 1956

Section - 44 - Prospectus or statement in lieu of prospectus to be filed by private company on ceasing to be private company

Prospectus or statement in lieu of prospectus to be filed by private company on ceasing to be private company.

44.     (1) If a company, being a private company, alters its articles in such a manner that they no longer include the provisions which, under clause (iii) of sub-section (1) of , are required to be included in the articles of a company in order to constitute it a private company, the company,—

         (a)  shall, as on the date of the alteration, cease to be a private company; and

         (b)  shall, within a period of [thirty] days after the said date, file with the Registrar either a prospectus or a statement in lieu of prospectus, as specified in sub-section (2).

(2)(a) Every prospectus filed under sub-section (1) shall state the matters specified in Part I of Schedule II and set out the reports specified in Part II of that Schedule, and the said Parts I and II shall have effect subject to the provisions .... To read the full section download the app from Google Play store