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Section 8 Company may convert itself into any other kind of company according to section 8(4) (ii) of the Companies Act 2013 after complying with the conditions as may be prescribed. In this article, we will discuss the Conversion of Section 8 Company in any kind of company.
Section 8 Company is formed with a view to encourage certain acts of art, science, sports, religion, education, charity etc. The profits arising from the company are used to achieve and promote the objective of the company.
Section 8 Company Registration under section 8 of the Companies Act 2013 cannot be converted into One Person Company.
Here are the following conditions for the conversion of section 8 company into any other kind of company as per Rule 21[1].
4. A copy of the application filed with the regional director is required to be filed with the registrar of companies.
Following are the other conditions necessary for the conversion of section 8 company into any other kind of company as per Rule 22:
As per Rule 22(8) on the receipt of an application, after being satisfied the regional director shall issue an order for the conversion of the company subject to the terms & conditions that may be imposed under the following conditions:
According to Rule 22(10) it states that:
As stated earlier after conversion of a Section 8 Company, the company cannot claim privileges and exemptions as before. These points must be known before you opt for such conversion.
Read our article: Simplification of the Process of Incorporation of Section 8 Companies (MCA Update)
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