Conversion of Private Limited Company into Public Limited Company
Partnership firm is very old form of business organisation where two or more person join together to run and manage business. Terms and conditions of partnership are mentioned in Partnership Deed; Partnership Deed may be registered and unregistered where registered partnership deed avails some benefits over unregistered partnership deed therefore it is always advisable to get partnership deed registered. Partnership firm in India is governed by Indian Partnership Act,1932.
PROCESS FOR CONVERSION
- Convening a Board meeting
- Convening a Meeting of members
- Filing of form MGT-14 & INC-27 with ROC
- Notice of EGM along with copy of explanatory statement under section 102;
- Certified true copy of special resolution;
- Altered Memorandum of association(MOA) and Articles of Association(AOA)
- It is mandatory to attach minutes of member's meetings where approval was given for conversion and altered article of association;
- Minutes of member's meetings where conversion approved by members.
POST CONVERSION REQUIREMENT
After conversion of private company into a public company kindly take care of the following points:
- Intimate all the concerned authorities like Excise and Sales tax etc. about the status change;
- Arrange new PAN no. of the company;
- Update Bank A/C Details;
- Arrange the new stationery with new name of the company;
- Raise the paid-up capital to minimum Rs. 5 lakhs, if the same is less than Rs. 5 lakhs;
- Increase number of Director to minimum 3 Director.