MEDCO Ltd. was incorporated on 20th March, 2023, as a public limited company with the main objective to provide the consultancy services to businesses in Medical Sector, including supply of medical professional through o

Section 8(5) of the Companies Act, 2013 provides that where it is proved to the satisfaction of the Central Government that a limited company registered under this Act or under any previous company law has been formed with any of the objects specified in clause (a) of sub-section (1) i.e has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object and with the restrictions and prohibitions as mentioned respectively in clauses (b) and (c) of that sub-section, it may, by licence, allow the company to be registered under this section subject to such conditions as the Central Government deems fit and to change its name by omitting the word "Limited", or as the case may be, the words "Private Limited" from its name and thereupon the Registrar shall, on application, in the prescribed form, register such company under this section and all the provisions of this section shall apply to that company. Thus, the existing company can be converted into section 8 company even than functioning for less than three financial years or for one financial year only. Hence, the view of the legal consultant is not correct.