In process of conversion Pvt. Ltd. co. to LLP, Schedule III of LLP Act is applicable. In this schedule, sub clause (2)(a) of clause 2 is "there is no security interest in its assets subsisting or in force at the time of application". what does it mean? Does it mean that there should be no charge registered in the name of Company? or something else?
1 Replies
CA PRIYUL SHAH
(JOB)
(901 Points)
Replied 20 May 2014
Yes, It means there is no charge on asset of the company
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