(1) Subject to the provisions of this Act and the conditions contained in
its memorandum, if any, a company may, by a special resolution, alter its articles including alterations
having the effect of conversion of— (a) a private company into a public company; or
(b) a public company into a private company:
Provided that where a company being a private company alters its articles in such a manner that they
no longer include the restrictions and limitations which are required to be included in the articles of a
private company under this Act, the company shall, as from the date of such alteration, cease to be a
private company:
Provided further that any alteration having the effect of conversion of a public company into a private
company shall not take effect except with the approval of the Tribunal which shall make such order as it
may deem fit.
(2) Every alteration of the articles under this section and a copy of the order of the Tribunal approving
the alteration as per sub-section (1) shall be filed with the Registrar, together with a printed copy of the
altered articles, within a period of fifteen days in such manner as may be prescribed, who shall register the
same.
(3) Any alteration of the articles registered under sub-section (2) shall, subject to the provisions of
this Act, be valid as if it were originally in the articles.