Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Board Meetng post conversion of private company to public co

Khushboo Maheshwari (Company Secretary) (548 Points)

02 June 2010

Kindly solve some of my queries regarding conversion of Pvt. Ltd Co into Public Ltd Co. u/s 44 of the Companies Act, 1956 :

1. Will converted co. issue fresh share certificates, if not how will the existing shares reflect the new change ?

2. In this case a Co. issue a general notice in news paper regarding conversion, is it sufficient or Co. requires any special notice to Exise, Custom or any other regulatory authority regarding its conversion

3. Is it required to obtain certificate of commencement of business

Reply
Follow
Share

4 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 02 June 2010

Hello,

1. No need to issue fresh share certificate. Simply prepare stickers of new name of the company and dispatch them to the existing shareholders. This is practically and legally allowed. For me there is no doubt about that.

2. News paper intimation is fine. But you need to intimate the specific authority like excise or custom etc. in a proper way. Prepare a covering letter regarding change in status. Attach duly certified GM resolution and new certificate of incorporation with covering letter and forward the same to the concerned authority.

3. No need to obtain certificate of commencement of business.

Best Regards

Upgrade to CAclubindia Pro. Subscribe Now!

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 02 June 2010

APPLICABILITY OF SECTION 165

Further if your private company converts itself in to public company within 6 months of incorporation as a private company then section 165 is applicable to your case and you have to convene statutory meeting.

In other words if your private company convert itself in to public company after 6 months of incorporation then section 165 is not applicable.

Best Regards

Shridhi Jain (Company Secretary) (1678 Points)
Replied 29 August 2012

Pls tell me the resolutions to be passed in the Board meeting and in General meeting regarding conversion of private company to public company.

Shridhi Jain (Company Secretary) (1678 Points)
Replied 30 August 2012

Pls reply to my above query. Also pls provide me draft of Statement in Lieu of Prospectus (SLP) and Consent letter of auditor for including his name in SLP.

Its urgent.

Thanks in adv.