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( 6M)
(b) Jagannath Oils Limited is a public company and having 220 members of which 25 members were
employee in the company during the period 1•1 April, 2006 to 28th June 2016. They were allotted
shares in Jagannath Oils Limited first time on 111 July, 2007 which were sold by them 111 August,
2016. After some time, on 111 December, 2016, each of those 25 members acquired shares in
Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into
a private company. State with reasons:
(I)
Whether Jagannath Oils Limited is required to reduce the number of members.
(II) Would your answer be different if above 25 members were the employee in Jagannath Oils
Limited for the period from 111 April, 2006 to 28th June, 2017?
(4 Marks)
(iii) Five persons are the only members of a private company Flower Fans Limited. All of them go in a
boat on a pleasure trip into an open sea. The boat capsizes and all the 5 die being drowned .
(a) Is the private company Flower Fans Limited no longer in existence?
(b) Further is it correct to say that a company being an artificial person cannot own property
and cannot sue or be sued? Explain with reference to the provisions of Companies Act,
2013.
(3 Marks)