COMPANIES ACT - 1963 (ACT 179)

    Section - 268 - Default in Complying with Conditions Constituting a Private Company

    If a private company makes default in complying with any of the conditions in its Regulations specified in subsection (3) of section 9 of this Code, sections 295 and 301 of this Code shall thereafter apply to such company as if it were a public company:

    Provided that the Court, 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 officer or member of the company, and on such terms and conditions as seem to the Court just and expedient, order that the company be relieved of such consequences as aforesaid.