TMI BlogCONVERSION FROM PRIVATE COMPANY INTO LIMITED LIABILITY PARTNERSHIPX X X X Extracts X X X X X X X X Extracts X X X X ..... taking of the private company to the limited liability partnership in accordance with this Schedule. Eligibility for conversion of private companies into limited liability partnership. 2. (1) A company may convert into a limited liability partnership by complying with the requirements as to the conversion set out in this Schedule. (2) A company may apply to convert into a limited liability partnership in accordance with this Schedule if and only if- (a) there is no security interest in its assets subsisting or in force at the time of application; and (b) the partners of the limited liability partnership to which it converts comprise all the shareholders of the company and no one else. (3) Upon such conversion, the company, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntral Government may prescribe. Registrar may refuse to register. 5. (1) Nothing in this Schedule shall be construed as to require the Registrar to register any limited liability partnership if he is not satisfied with the particulars or other information furnished under the provisions of this Act: Provided that an appeal may be made before the Tribunal in case of refusal of registration by the Registrar. (2) The Registrar may, in any particular case, require the documents referred to in paragraph 3 to be verified in such manner, as he considers fit. Effect of registration. 6. On and from the date of registration specified in the certificate of registration issued under paragraph 4- (a) there shall be a limited liabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability partnership. Existing agreements. 10. Every agreement to which the company was a party immediately before the date of registration, whether or not of such nature that the rights and liabilities thereunder could be assigned, shall have effect as from that date as if- (a) the limited liability partnership were a party to such an agreement instead of the company; and (b) for any reference to the company, there were substituted in respect of anything to be done on or after the date of registration a reference to the limited liability partnership. Existing contracts, etc. 11. All deeds, contracts, schemes, bonds, agreements, applications, instruments and arrangements subsisting immediately before the date of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licence has been issued. Notice of conversion in correspondence. 15. (1) The limited liability partnership shall ensure that for a period of twelve months commencing not later than fourteen days after the date of registration, every official correspondence of the limited liability partnership bears the following, namely:- (a) a statement that it was, as from the date of registration, converted from a company into a limited liability partnership; and (b) the name and registration number of the company from which it was converted. (2) Any limited liability partnership which contravenes the provisions of sub-paragraph (1) shall be punishable with fine which shall not be less than ten thousand rupees but which may extend to on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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