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Conversion into section 25 company

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(Querist)
22 July 2010 Presently our company is registered as a Public Company under the Companies Act, 1956 but now we want to convert our company into section 25 company. In this regard I have the following queries

1.Can we convert our existing company into section 25 Company.

2.Presently we are having Preference Share Capital of Rs.10 Crores in the capital structure of the company, so can we continue to have preference shares even after the conversion into section 25 or we have to redeem the preference shares before conversion.
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Rasesh

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Rasesh (Expert)
22 July 2010 Reply to both the queries is Yes. Conversion is possible and issuing preference shares is also possible.
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