Nirav Pankaj Shah (Advocate) (188 Points)
21 May 2010
If a priovate company takes over business of a properietorsip concern then whether proprietors experience and financial data for last 3 years shall be deemed to be that of a Company while submitting tenders for Government Works. Company is a new one and may not have experience and 3 years bs and P&L account. If it takes over a proprietor business then can it get proprietors experience?
daya shankar singh
(CA ,CS)
(629 Points)
Replied 21 May 2010
This is not practically possible, a company is incorporated lets take in 2010 and u show its experience from 3 years back.
The identity of properitoship firm is extinguish after it takeover by the Private company .Now the New identity is of Private co. and the private co. can take contracts on his own behalf
CAclubindia
