De-merger/SPin off
Ysil Karunai
(Querist) 13 July 2011
This query is : Resolved
A Private Ltd Company spin off one of the Business unit by forming another private ltd company. The Point should be noted is there are only two shareholders and they itself Directors. In Proposed new resulting company also the Shareholders and Directors are same as De-merged company.
Query:
1. Since it is Private Ltd Company Whether the company has to get approval for this De-merger from court?
2. Whether the company has to convened meeting for Creditors?
Please clarify!!
Raj Kumar Makkad
(Expert) 13 July 2011
Those directors are required to obtain prior permission from Registrar of Companies but convening of meeting of creditors is not mandatory being a private limited company.
Bhumik Dave
(Expert) 13 July 2011
i am fully agree with rajsir.
Ysil Karunai
(Querist) 14 July 2011
Thank you sir. Please explain, whether any specific form is available for to get a Prior Permission from Registrar or Application in a plain paper is enough?
