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PROCEDURE FOR CONVERSION OF A COMPANY TO A NOT FOR PROFIT (SECTION 8) COMPANY

 
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Like other jurisdictions of the world, the Indian Companies Act 2013 read with its Companies (Incorporation) Rules, 2014 (hereinafter referred to as “Act”) contains provisions for conversion of a Limited Company (Private/Public) into a Not for Profit (Section 8) Company. To undertake the process of conversion of a Limited Company (Private/Public), following procedures shall entail –

 

Step 1 - Application to the Registrar

 

A limited company registered in India which is desirous of being registered as Section 8 company shall make an application in the prescribed form to the Registrar.

 

The application shall be accompanied by the following documents;

  • The memorandum and articles of association of the company;

  • Declaration by a Professional, that the memorandum and articles of association have been drawn up in conformity with the provisions of section 8 and rules made thereunder and that all the requirements of the Act and the rules made thereunder have been complied with;

  • Financial Statement, the Boards’ Reports and Auditors’ Report for each of the last 2 financial years;

  • A statement showing in detail the assets and the liabilities of the Company as on the date of application or within 30 days preceding that date;

  • An estimate of the future annual income and expenditure of the company for next three years, specifying the sources of the income and the objects of the expenditure;

  • Certified copy of the resolutions passed in general/ board meetings approving registration of the company as section 8 Company;

  • Declaration by each person making the application in the prescribed form.

Step 2 - Compliance after filing the Application with the Registrar

 

Within a week from the date of filing the application with the Registrar, Company shall in the prescribed form publish a Public Notice in;

  • A vernacular newspaper in the principal vernacular language of the district in which the registered office of the proposed company is to be situated or is situated;

  • English newspaper;

  • On the websites, as may be notified by the Central Government.

The Registrar shall, after considering the objections, if any, received by it within thirty days from the date of publication of notice, and after consulting any authority, regulatory body, Department or Ministry of the Central Government or the State Government(s), as it may, in its discretion, decide whether the license should or should not be granted.

 

For more information on Coversion of a company to a not for profit (Section 8) Company, please write to us at info@ssrana.com

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