BST is a company incorporated as a company not for profit under section 25 of the Companies Act, 1956. The Board of BST has decided to convert the same into a public company under section 2(71). Explain the procedure gov

Conversion of BST into BST Ltd. (a section 8 company into a public company) The company is required to comply with Rule 21 of the Companies (Incorporation) Rules, 2014. BST shall have to pass a special resolution at a general meeting for approving such conversion. Convene a Board Meeting to decide to convert the Company into Public Limited Company, fixing time and agenda for convening a General Meeting to alter the Articles of Association and consequently the name, by Special Resolution. Issue notice along with explanatory statement. The explanatory statement annexed to the notice convening the general meeting shall set out in detail the reasons for opting for such conversion and the other points as required under Rule 21 of the Companies (Incorporation) Rules, 2014. The BST shall send a copy of the notice, simultaneously with its publication, together with a copy of the application and all attachments by registered post or hand delivery, to the Chief Commissioner of Income Tax having jurisdiction over the company, Income Tax Officer who has jurisdiction over the company, the Charity Commissioner, the Chief Secretary of the State in which the registered office of the BST is situated, any organization or Department of the Central Government or State Government or other authority under whose jurisdiction the company has been operating and if any of these authorities wish to make any representation to Regional Director, it shall do so within sixty days of the receipt of the notice, after giving an opportunity to the BST. At the general meeting, after ascertaining the quorum, pass the Special Resolution to the effect: To delete the clauses from the Articles of Association which are not mandatory in case of a Public Limited Company. Insert such clauses in the Articles of Association which are not there but required in case of a Public Limited Company. Insert the word "Ltd" in the name of the company. A certified true copy of the special resolution along with a copy of the Notice convening the meeting shall be filed with the Registrar in Form MGT.14 along with the fee within 30 days of the meeting. The BST shall file an application in Form INC. 18 with the Regional Director with the fee along with a certified true copy of the special resolution and a copy of the Notice convening the meeting including the explanatory statement for approval for converting itself into a company of any other kind and the BST shall also attach the proof of serving of the notice served to all the authorities mentioned above. A copy of the application with annexures as filed with the Regional Director shall also be filed with the Registrar. The BST shall, within a week from the date of submitting the application to the Regional Director, publish a notice at its own expense, and a copy of the notice, as published, shall be sent forthwith to the Regional Director and the said notice shall be in Form No. INC. 19 and shall be published in newspaper and on the website of the BST, if any, and as may be notified or directed by the Central Government. The Board of directors shall give a declaration to the effect that no portion of the income or property of the company has been or shall be paid or transferred directly or indirectly by way of dividend or bonus or otherwise to persons who are or have been members of the company or to any one or more of them or to any persons claiming through any one or more of them. Where the BST has obtained any special status, privilege, exemption, benefit or grant(s) from any authority such as Income Tax Department, Charity Commissioner or any organization or Department of Central Government, State Government, Municipal Body or any recognized authority, a "No Objection Certificate" must be obtained, if required under the terms of the said special status, privilege, exemption, benefit or grant(s) from the concerned authority and filed with the Regional Director, along with the application. The BST shall attach with the application a certificate from practicing Chartered Accountant or Company Secretary in practice or Cost Accountant in practice certifying that the conditions laid down in the Act and these rules relating to conversion of a company registered under section 8/section 25 as applicable, into any other kind of company, have been complied with. The Regional Director may require the applicant to furnish the approval or concurrence of any particular authority for grant of his approval for the conversion and he may also obtain the report from the Registrar. On receipt of the application, and on being satisfied, the Regional Director shall issue an order approving the conversion subject to such terms and conditions as may be imposed. Before imposing the conditions or rejecting the application, the company shall be given a reasonable opportunity of being heard by the Regional Director. On receipt of the documents as mentioned above, the Registrar shall register the documents and issue the fresh Certificate of Incorporation. In case the number of directors in the company is less than three then increase the number of directors to atleast three. In case the number of members in the company is less than seven then increase the number of members to atleast seven.