Conversion to a Private Company

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2011 On applying for converstion from a public company to a private company,cofirmation of substantial creditors is required.What is the meanibg of substantial creditors ?

On conversion,can a private company continue to have a public company as its subsidiary ?

Jayashree S Iyer

Jayashree S Iyer (Expert)
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13 January 2011 Substantial creditors means majority of the creditors of the Company.

Yes, a private company can continue to have a public company as its subsidiary.

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2011 Is the consent requiredfrom the statutory auditor of the company for such a conversion ?

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Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2011 What about limits sanctioned by the Banks but no balance outstanding ?