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Sec 43 - Consequences of default in complying with conditionsconstituting a company a private company.
Where the articles of a company include the provisionswhich, under clause (iii) of sub-section (1) of section 3, are required to be included inthe articles of a company in order to constitute it a private company, but default is madein complying with any of those provisions, the company shall cease to be entitled to theprivileges and exemptions conferred on private companies by or under this Act, and thisAct shall apply to the company as if it were not a private company:
Provided that the Company Law Board, on being satisfied that the failure to comply with the conditions was accidental or due to inadvertence or to some other sufficient cause, or that on other grounds it is just and equitable to grant relief, may, on the application of the company or any other person interested and no such terms and conditions as seem to the Company Law Board just and expedient, order that the company be relieved from such consequences as aforesaid.
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Sudha Mishra vs. Surya Chandra Mishra( R.F.A 299 of 2014
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