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+--- Thread: private company into SMC (/thread-private-company-into-smc)
private company into SMC - ali4u3 - 02-16-2005
hi n sallam ,
my qustion is ..if there is a pvt ltd company cnsist of 5 partners...with a share capital...now 1 person is purchasing tht company and he wishing to hold 100 % share(SINGLE MEMBER COMPANY)...wht will be the procedure to do sch..if it is poissable...or is there any other way to hold the 100% powers of the company...plz also tell me the legal requirments and procedures with the sections of COMPANY ORDINACE 1984.
regrads...
waiting 4 ur kind reply
bye
Never seek advice from a Chartered Accountant. They are trained to find problems not solutions.
- Ali Akbar - 02-17-2005
AOA
No private company shall be converted into single member company unless, under the authoruty of special resolution, it makes necessary changes in its articles and it gets approval from commission.
The company shall apply to the commission in the prescribed form for conversion within 30 days of passing of special resolution. If the commission is satisfied it shall pass an order to that effect. The company then transfer its shares within 15 days of order of commission to the single member.
Hope you have got ur answers.