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Conversion from pvt to ltd.

KIRTI TERAIYA (STUDENT) (46 Points)

16 December 2009

Hi all,

i have a query regarding the time taken for a private company to convert into a public limited company. Would it differ if the concerned company is a NBFC?

Please reply asap.

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3 Replies

Amol Gopal Kabra (CA,CS,DISA) (Practicing CA) (8539 Points)
Replied 17 December 2009

If all the compliances are duly complied with, then the normal time taken ranges around 25 days.. It may take even lesser than that.. but still avg time taken is abt 25 days. In case of existing NBFC, it will take the same time. But in case the pvt. co. is not a NBFC as of now but it proposes to be a NBFC, then it will take some more time..

Regards,

KIRTI TERAIYA (STUDENT) (46 Points)
Replied 17 December 2009

Hi all,

I have a query regarding the applicability of "the Bombay Money Lenders Act 1946" to an existing NBFC in Mumbai which is registered with RBI. I have heard that if the Central Act is applicable then there is no need to comply with State Laws. One of our clients is an NBFC in Mulund registered with RBI, is it covered under definition of Money Lenders and if it is so would there be any penalty etc., for not having the required license under money lenders Act?

please reply asap