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Convert your Public Company into a Private Company and Unleash the power of your entrepreneurship with the help of ComplyKart professionals easy and hassle-free

Package inclusion:

  1.  Best Consultancy by Expert CA

  2.  Filing of Form-14, INC-27

  3.  Publish Advertisement

  4. Petition preparation and Forms filing

  5.  Post conversion compliances

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PUBLIC COMPANY INTO PRIVATE COMPANY

Now a days Compliances are getting more-stricter for Public Limited Companies and penalties are getting more stringent for large entities, due to which many of public Companies are willing to convert themselves into Private Companies. There are number of exemptions given to private Companies. ComplyKart is the Industry leader in the helping Corporates in complying with the Rules with passion

What is a Public Company

A Public company is a type of entity that requires minimum 3 Directors and 7 Shareholders which can be increased upto unlimited. Businesses opt to become Public Companies as they plan for greater expansion. There is no restriction in the transferability of the shares in a Public Company. There are different sets of rules that a Public Company is required to follow.

What is a Private Company

Private limited company is the most sought-after form of Business where the growth is abundant with less risk of liabilities. Private Limited Company is a form of business which can be registered with only 2 persons and enjoy the benefits of being a Limited Liability Company. Some features of Private Limited Companies include restriction in transferability of shares, limitation of maximum number of members to 200 and prohibition to the public to subscribe for any securities of company. Private Limited Company enjoys many exemptions provided by Ministry of Corporate Affairs

Advantages of a Private Company

Less Compliances

Unlike public company a private company does not required to follow more stringent rules, there are number of exemptions given to the Private Companies which makes it hassle-free business

Control in Own Hands

As a Private Company does not include more public interest they don’t need to scatter their funds or management. The control of overall Company remains in the hands of small group of people

Limited Liability

The liability of the Shareholders and Directors of a Company are limited to the extent of their holdings i.e. to the amount their Shareholding.

Less Expenditure

Since the nature of a Private Company is more closed, there are very less expenses to be born by the Company in terms of management and Compliances.

Procedure of Conversion

  • 1

    Convene Board Meeting

    The first step is to convene the Board Meeting and get the approval of Directors for conversion by altering the AOA of company

  • 2

    Convene Extra-Ordinary General Meeting

    Convene the meeting of Shareholders and obtain the prior approval for conversion of Public to Private and alteration of Memorandum and Articles of Company

  • 3

    Filling of MGT-14

    File Form MGT-14 within 30 days with copies of Special Resolution and Explanatory Statements, and printed altered Articles and Memorandum

  • 4

    Advertisement

    The Petition to be filed to Regional Director is to be advertised in 1 vernacular newspaper and 1 English newspaper having widely circulation in the state of Registered Office Company

  • 5

    File Application with Regional Director

    File the Petition in Form RD-1 within 60 days from passing of Special Resolution with copy of altered Memorandum and Articles, minutes of General Meeting, Board Resolution for conversion

  • 6

    INC 28

    Once RD approves the conversion, the company need to file Form INC-28 with the concerned ROC along with copy of order within 30 days of order.

Documents Required

  • Copy of Board Resolution & Members Resolution
  • Declaration that the number of members is restricted to 200
  • Declaration that no Deposit has been accepted by the company in violation of Act.
  • No Resolution is pending to be filled in terms of section 179(3).
  • Details of creditors and affidavit verifying the same.
  • Newspaper Advertisement
  • How ComplyKart can help you

    Consulting & Strategy

    Our conversion experts will give you the best consulting and prepare the strategy for conversion of your Public Company into Private Company.

    Client’s growth

    Our services are aimed at achieving growth for clients. We can provide necessary guidance for understanding the conversion process

    Competence is our strength

    We make every effort to stay updated with the rules and regulations by MCA. This enables us to deal with client’s needs effectively.

    Always there for you

    The assurance of a dedicated workforce including support staff and managers can be a promising factor in the conversion process

    Post Conversion Compliance

    Once the conversion is approved by the Authority you need to comply with certain rules which we help you to Comply and keep it running.

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