13 September 2010
A PVT COMPANY PASSED A SPECIAL RESOLUTION ON 30TH AUGUST 2009 FOR CONVERTING THE CO INTO PUBLIC CO.THE CO FILED THE STATEMENT IN LIEU OF PROSPECTUS IN ROC ON 26 0CT 2009.THE CO RECVD THE FRESH CERTIFICATE OF INCORPORATION ON 12 JAN 2010 AND THE FINANCIAL YEAR OF THE COMPANY ENDS ON 31ST DEC.WHETHER THE CO IS PVT LTD OR PUBLIC CO DURING THE PERIOD JAN 09 -DEC 09.
14 September 2010
DURING THE PERIOD JAN 09 -DEC 09 YOUR COMPANY SHALL BE TREATED AS A PRIVATE COMPANY.
CONVERSION IS EFFECTIVE FROM THE DATE MENTIONED ON NEW CERTIFICATE OF INCORPORATION ISSUED BY ROC.
REGARDS
Querist :
Anonymous
Querist :
Anonymous
(Querist)
15 September 2010
WITH DUE RESPECT TO YOUR REPLY HERE ARE SOME QUERIES OF MINE :
1) According to the Companies Act 1956 Sec 44 it says that although the company becomes a public limited company immediately on passing the special resolution, the change in its name becomes complete and effective only on the issue of the fresh Certificate of Incorporation.
the above point lays emphasis on the change in the name of company i.e from private to public.
Query & my View point:
The company will prepare the annual accounts with the words pvt ltd with a note that the co has filed the necessary document required for converting pvt ltd to ltd & the approval is awaited but powers i.e Sec 293 1(d) ,372 etc which a public co has may be vested or applicable to the co since according to the act it says that the company becomes a public limited company immediately on passing the special resolution.
pls resolve the above issue with the supporting of some high court or supreme court judgement or any other documents, if applicable, MATCHING THE CASE WHERE THE RESOLUTION IS PASSED IN 1ST ACCOUNTING YEAR AND THE FRESH CERTIFICATE OF INCORPORATION IS OBTAINED IN THE NEXT ACCOUNTING YEAR.
the views expressed by me may not be correct pls resole my query.
CAclubindia
