"There is no provision under the Companies Act for such conversion overnight. "he says
Sundaram now argues on the issue of public company.
"Article 121 was being interpreted in a way that it went beyond the scope of Companies Act 2013. By the stroke of a pen at midnight, when the application of stay was filed in NCLT, the name "private" was added before the name." he continues
Sundaram makes the bench understand this by giving the example of suo moto power of Supreme Court.
"Do not tell us what we can do." CJI said
"Even a civil court will not be able to exercise a suo moto power. Inherent power can be exercised for those powers the court is permitted to do and not in matters that are not conferred to them. " CJI continues
CJI: we asked Mr. Salve at the very beginning of the case that
Is there any power with NCLAT to exercise suo moto powers and apparently there is none. Inherent power doesn't mean having a suo moto power.
"We are yourlords." Sundaram replies.
CJI: Show us. At least you should be ready with page numbers and volumes before you argue.
"You have not placed any kind of prayer before us seeking representation." CJI interrupts.
Sundaram: The nature of relationship being such, i have been prejudiced by the way this company has been run. This was a board managed company. We want to get some kind of representation in the company to end the prejudice
Abhishek Singhvi seeks to interrupt.
Sundaram lashed down at Singhvi. "You cannot intervene and then argue."
Singhvi: I have taken the permission of the lordships for 30 seconds. If this isn't clear to you then that is not my problem. I know it is inconvenient.
"We are completely surprised by some of the issues of this case. This is shocking." CJI said.
Sundaram: Is your lordship refering to the issue of reinstatement?
"We are referring to the proceedings and not what has happened before. " CJI replied.