Will pan no. change in case of conversion from pv ltd to llp

Hi, as fourth digit in PAN reflects the status of asseessee. If we apply for correction in PAN, it should change as company has been converted to LLP.

1. Yes. It is obvious that new PAN must be applied and old PAN cannot be continued in case of conversion into LLP. 
2. The correct procedure is to surrender the old PAN by following the prescribed procedure for "surrendering the PAN". New PAN card number must be given to banks and open a new account preferably. 
3. The entire action under the old PAN must be stalled or changed to new PAN in order not to face any mishap in the future date. Once PAN is surrendered you have legally intimating the IT department not to follow the old PAN and it will be invalid from there onwards. 
Please correct me if the above solution has an alternative view.