The status of the Company can be changed from Private Limited into a Public Limited Company by fulfilling the following requirements.
- Increase the paid up share capital of the Company to Rs.5 lakhs.
- Increase the number of Directors to 3.
- Increase the number of shareholders to 7.
- Pass a resolution of the Board of Directors of a Company for alteration of the provisions of the Memorandum of Association and Articles of Association of the Company. The Memorandum and Articles shall be altered in such a way that restrictions imposed on a private Company are excluded.
Eg : Restrictions of Transfer of shares
- Convene an AGM/ EGM for getting the members approval through Special Resolution for
- conversion of the Private Company into a Public Limited Company.
- Change of name of the Company by deletion of the word.
- After a resolution has been passed, the Company shall file the following documents with the Registrar of Companies.
- File Form 23 –Special Resolutions within 30 days from the date
Of passing of the resolution.
- File Form 62 – Form for submission of documents with ROC
(i) Statement in lieu of Prospectus in Schedule IV of
Companies Act,1956,if applicable , which shall be signed by all the Directors of the Company.
(ii) List of shareholders as on the date of conversion.
(iii) List of Directors as on the date of conversion.
- Certificate from an Auditor that the Company has complied with the provisions of Section 58A of the Companies Act,1956.
- Altered MOA/AOA of the Company.
- Copy of Form-2 (Return of Allotment) if made by the Company
