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Board Meetng post conversion of private company to public co

Meetings 1509 views 4 replies

Kindly solve some of my queries regarding conversion of Pvt. Ltd Co into Public Ltd Co. u/s 44 of the Companies Act, 1956 :

1. Will converted co. issue fresh share certificates, if not how will the existing shares reflect the new change ?

2. In this case a Co. issue a general notice in news paper regarding conversion, is it sufficient or Co. requires any special notice to Exise, Custom or any other regulatory authority regarding its conversion

3. Is it required to obtain certificate of commencement of business

Replies (4)

Hello,

1. No need to issue fresh share certificate. Simply prepare stickers of new name of the company and dispatch them to the existing shareholders. This is practically and legally allowed. For me there is no doubt about that.

2. News paper intimation is fine. But you need to intimate the specific authority like excise or custom etc. in a proper way. Prepare a covering letter regarding change in status. Attach duly certified GM resolution and new certificate of incorporation with covering letter and forward the same to the concerned authority.

3. No need to obtain certificate of commencement of business.

Best Regards

APPLICABILITY OF SECTION 165

Further if your private company converts itself in to public company within 6 months of incorporation as a private company then section 165 is applicable to your case and you have to convene statutory meeting.

In other words if your private company convert itself in to public company after 6 months of incorporation then section 165 is not applicable.

Best Regards

Pls tell me the resolutions to be passed in the Board meeting and in General meeting regarding conversion of private company to public company.

Pls reply to my above query. Also pls provide me draft of Statement in Lieu of Prospectus (SLP) and Consent letter of auditor for including his name in SLP.

Its urgent.

Thanks in adv.


CCI Pro

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