Conversion of section 25 company from pvt. ltd. to public ltd.
Guest
(Querist) 03 September 2013
This query is : Resolved
A certain Flat owners association was formed in U.P. as a Section 25 Pvt. Ltd. Company Limited by Guarantee and having Share Capital in 2010 to look after the maintenance and welfar of the flat owners.Now its members desire to convert the said Company into a section 25 Public Ltd. Company Limited by Guarantee and not having Share Capital.Is such conversion possible under the existing provisions of the Companies Act,1956?
DR.VEDULA GOPINATH
(Expert) 04 September 2013
dear learned colleague.
greetings....
At the outset it should be noted that all companies registered under Companies Act 1956 shall become companies registered under companies act 2013 which came into effect very very recently.
Thus enabling provisions do exist as per clause 8 (now section) under the new companies act 2013 which is similar to old section 25 of the previous companies Act 1956
Rules and regulations are yet to be received under the new Companies Act of 2013.
For a plain reading of the query, I feel that PRIOR APPROVAL OF THE CENTRAL GOVERNMENT IS REQUIRED FOR CONVERSION OF THE EARLIER SEC.25 companies.
fURTHER LEGAL OPINION CAN BE GIVEN ON REQUEST.
regards
DR VEDULA GOPINATH
ADVOCATE HIGH COURT AND CORP.ADVISOR
HYDERABAD M9848227926 vgnath@gmail.com
