The National Company Law Appellate Tribunal said on Friday that it would not change its judgment in the Tata Sons matter but it will however, clarify that Mumbai Registrar of Companies was only following the order of NCLT in conversion of the company from public to private entity.
The RoC counsel told the Tribunal the judgment was highly critical of the RoC and deems them to have done illegal acts whereas they were merely following orders of the NCLT while converting the company from public to private.
In the order dated December 18, the NCLAT had passed serious strictures against the RoC, stating that Tata Sons had hurriedly changed its status to a private company from public "with the help of the RoC", which was illegal. Justice Mukhopadhaya said, “The finding may be wrong but the judgment is not.”
The appellate tribunal has asked the RoC to furnish details on the paid-up capital requirement for a private company.
In its December 18 judgement, the NCLAT had said that the RoC, in the Certificate, had struck down the word ‘Public’ and shown ‘Tata Sons Limited' as a 'Private' company, even in the absence of any order passed by the Tribunal under Section 14 of the Companies Act, 2013.
In its petition, the RoC said there were some factual and legal errors in the judgment, and hence appealed to the appellate tribunal to amend the order so that it correctly reflected the conduct of the RoC, Mumbai, as not being illegal and acting in accordance with the provisions of the Companies Act 1956/2013.