Conversion of company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2011
Please let me know if Private Company can be converted into Government Company ????
If yes its reference and provisions...
If yes its reference and provisions...
RG - A Helping Hand
(Expert)
28 September 2011
No there is nothing like conversion of a private company into a GOvt company. The definition of a Govt company is given in section 617.
As per section 617 a Government company, means any company in which not less than fifty one per cent of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary of a Government company as thus defined.
So if in your private company govt acquires not less than fifty one per cent of the paid-up share capital, your company will automatically be treated as a Govt. company.
RG
As per section 617 a Government company, means any company in which not less than fifty one per cent of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary of a Government company as thus defined.
So if in your private company govt acquires not less than fifty one per cent of the paid-up share capital, your company will automatically be treated as a Govt. company.
RG
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