Brief procedure for Conversion of Private to Public Company
Step 1: Increasing Authorised Capital
• Convene the board meeting to alteration of MoA & AoA for Authorised Capital of the Company, the Special or Ordinary Resolutions shall state accordingly & fix date, time and venue of General Meeting.
• Hold the General Meeting and propose the Special or Ordinary Resolutions.
• Form 5 has to be filed with RoC for Increase the Authorised share capital.
Step 2: Increase Minimum Members to Seven and Minimum Directors to Three
• Convene the board meeting and Allotment of shares to shareholder of the company and Appointment of Additional Directors.
• Form 2 & Form32 has to be filed with RoC for Appointment of Directors and Return of Allotment.
Step 3: Conversion into Public
• Convene the Board Meeting and propose the new set of MOA & AOA is to be substituted for the new name, the special resolution shall state accordingly & fix date, time and venue of General Meeting.
• Hold the General Meeting and propose the Special Resolutions.
• Form 23 has to be filed with the copy of special resolution, explanatory statement and Memorandum and Articles (Altered).
• Form 62 has to be filed with RoC for Statement in lieu of prospectus and for reducing the word “Private” in the name of the Company.
• Fresh certificate of incorporation will be issued by RoC.
• Make the changes in the name of MOA, AOA and everywhere the name appears.
• To complete entire process it will take approximately 30 days.
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