NCLT Permits Shares-to-Guarantee Conversion Process to Proceed Despite Regulatory Objections

In re Bennett Alumni Association (NCLT Allahabad) The application was filed by Bennett Alumni Association Ltd., a Section 8 company, under Sections 230(1), 66 and 18 of the Companies Act, 2013, seeking approval of a Scheme for reduction of share capital, conversion from a company limited by shares into a company limited by guarantee without share capital, and dispensation of shareholders’ meetings. The Applicant Company was incorporated on 21.10.2022 to undertake various alumni-related activities connected with Bennett University, including professional networking, academic support, fundrais...