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Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .?
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Jagannath Oils limited is a public company and having 220 members of w...
Converting Jagannath Oils Limited into a Private Company
Overview:
Jagannath Oils Limited is a public company having 220 members including 25 employees who were allotted shares for the first time on 1st July 2007 and sold them on 1st August 2016. Later, on 1st December 2016, each of these 25 members acquired shares in Jagannath Oils Limited, which they are holding till date. The company now wants to convert itself into a private company.
Procedure:
The procedure for converting Jagannath Oils Limited into a private company is as follows:
1. Hold a Board Meeting:
The first step is to hold a Board Meeting and pass a resolution to convert the company into a private company. The Board will have to authorize a Director or Company Secretary to initiate the process of conversion.
2. Obtain a No Objection Certificate:
The company will have to obtain a No Objection Certificate (NOC) from all its members, including the 25 employees who were allotted shares for the first time on 1st July 2007 and sold them on 1st August 2016.
3. File an Application:
The company will have to file an application with the Registrar of Companies (ROC) for the conversion of the company from a public company to a private company. The application should include a copy of the Board Resolution and the NOC obtained from all the members.
4. Alter the Articles of Association:
The company will have to alter its Articles of Association to include the provisions of a private company. The Articles of Association should be amended to restrict the transfer of shares, limit the number of members to 200, and prohibit invitations to the public to subscribe for any shares or debentures of the company.
5. Issue a Notice:
The company will have to issue a notice to all its creditors, debenture holders, and other stakeholders about the proposed conversion.
6. File the Updated Documents:
The company will have to file the updated documents with the ROC, including the amended Articles of Association, the NOC obtained from all the members, and the notice issued to the stakeholders.
Conclusion:
Converting Jagannath Oils Limited into a private company requires the company to obtain a NOC from all its members, alter its Articles of Association, and file an application with the ROC. Once the conversion is complete, the company will have to comply with the provisions of a private company, including restrictions on the transfer of shares and limiting the number of members to 200.
Overview:
Jagannath Oils Limited is a public company having 220 members including 25 employees who were allotted shares for the first time on 1st July 2007 and sold them on 1st August 2016. Later, on 1st December 2016, each of these 25 members acquired shares in Jagannath Oils Limited, which they are holding till date. The company now wants to convert itself into a private company.
Procedure:
The procedure for converting Jagannath Oils Limited into a private company is as follows:
1. Hold a Board Meeting:
The first step is to hold a Board Meeting and pass a resolution to convert the company into a private company. The Board will have to authorize a Director or Company Secretary to initiate the process of conversion.
2. Obtain a No Objection Certificate:
The company will have to obtain a No Objection Certificate (NOC) from all its members, including the 25 employees who were allotted shares for the first time on 1st July 2007 and sold them on 1st August 2016.
3. File an Application:
The company will have to file an application with the Registrar of Companies (ROC) for the conversion of the company from a public company to a private company. The application should include a copy of the Board Resolution and the NOC obtained from all the members.
4. Alter the Articles of Association:
The company will have to alter its Articles of Association to include the provisions of a private company. The Articles of Association should be amended to restrict the transfer of shares, limit the number of members to 200, and prohibit invitations to the public to subscribe for any shares or debentures of the company.
5. Issue a Notice:
The company will have to issue a notice to all its creditors, debenture holders, and other stakeholders about the proposed conversion.
6. File the Updated Documents:
The company will have to file the updated documents with the ROC, including the amended Articles of Association, the NOC obtained from all the members, and the notice issued to the stakeholders.
Conclusion:
Converting Jagannath Oils Limited into a private company requires the company to obtain a NOC from all its members, alter its Articles of Association, and file an application with the ROC. Once the conversion is complete, the company will have to comply with the provisions of a private company, including restrictions on the transfer of shares and limiting the number of members to 200.
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Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .?
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Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .?.
Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .?.
Solutions for Jagannath Oils limited is a public company and having 220 members of which 25 members were employee in the company during the period 1st April, 2006 to 28th June 2016. They were allotted shares in Jagannath Oils Limited first time on 1st July, 2007 which were sold by them 1st August, 2016. After some time, on 1st December, 2016, each of those 25 members acquired shares in Jagannath Oils Limited which they are holding till date. Now company wants to convert itself into a private company. .? in English & in Hindi are available as part of our courses for CA Foundation.
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