Procedure & Conversion

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Devang (Querist)
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17 December 2009 Dear Sir,
Advise me on the following issues-

1 ] Can Public company become partner in partnership firm ? if yes,whether memorandam authorised the same ? suggest the procedure.

2 ] Advise the procedure for conversion of public company into NBFC.

Thanks.

Regards,
Devang.

Ankur Garg

Ankur Garg (Expert)
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18 December 2009 Yes a Public company can be a partner in partnership firm. As per my opinion this activity must be authorised by the memorandum and article of the company.

Rasesh

Rasesh (Expert)
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19 December 2009 Any company can be a partner in any partnership firm because a company is a seperate legal entity. However, the memorandum should authorise the same.

There is no procedure to convert a public company into NBFC. Please understand that registration as NBFC is done by RBI. Hence, the conversion from public co. to nbfc does not arise. You have to fill the necessary documents and comply with the procedure mentioned in the RBI guidelines for registering your company as an NBFC. Please contact your regional RBI office.
Every RBI office has a cell which handles all NBFC's under the region and also does registration of new nbfc's.

The basic criterion are:
1) 50% of total assets have to be financial assets, and
2) 50% of total income should come from financial assets.
Both have to be satisfied.

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