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The Board has to call for an extraordinary general meeting of the company.
Firstly, The Board must decide and fix a date, time and place to hold the Extraordinary General Meeting.
Secondly, The Board must approve the notice, agenda and explanatory statement that needs to be sent in accordance with the below mentioned specifications-
Notice to convene the Extraordinary General Meeting
An explanatory statement specifying the business to be transacted at the meeting has to be annexed to the notice. The explanatory statement specifies the nature of concern and interest, financial or otherwise, of the director, manager, key managerial personnel and their relatives. Further, the statement encompasses any information, which will allow members to understand the meaning, scope and implications of conversion from a public company to a private company. It is advised to seek assistance of a Company Secretary while drafting the notice calling for an extraordinary general meeting.
Conversion to a Private Company under the Companies Act, 2013 . The procedure for conversion from one company to the other is expounded within the Act with certain statutory requirements such as alteration of the Memorandum of Association (MOA) and Articles of Association (AOA) of the company.
Advantages of a Private Limited Company
Private Limited Company Registration Documents Required. To register a private limited company, the company's proposed directors would have to submit the following documents as identity proof: For Indian Nationals – PAN. For Foreign Nationals – Passport.