{"id":511,"date":"2025-10-25T15:39:13","date_gmt":"2025-10-25T15:39:13","guid":{"rendered":"https:\/\/www.mylegalbusiness.com\/blog\/?p=511"},"modified":"2025-12-16T07:07:13","modified_gmt":"2025-12-16T07:07:13","slug":"conversion-of-section-8-company-from-shares-to-guarantee","status":"publish","type":"post","link":"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/","title":{"rendered":"Conversion of Section 8 Company From Shares to Guarantee"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Section 8 Companies play a pivotal role in advancing charitable, educational, social, and environmental causes in India. While many are initially incorporated as <strong>companies limited by shares<\/strong>, some organizations later opt to convert into a <strong>company limited by guarantee<\/strong> to better reflect their non-profit nature and funding mechanisms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At My Legal Business LLP, we provide end-to-end services to support organizations in this transformation, ensuring complete compliance with the Companies Act, 2013.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#Why_to_Convert\" >Why to Convert?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#Key_Differences_Limited_by_Shares_vs_Limited_by_Guarantee\" >Key Differences: Limited by Shares vs. Limited by Guarantee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#Legal_Framework_under_Companies_Act_2013\" >Legal Framework under Companies Act, 2013<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#1_Section%E2%80%AF18_of_the_Companies_Act_2013\" >1. Section\u202f18 of the Companies Act, 2013:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#2_The_Companies_Incorporation_Rules_2014_%E2%80%9CIncorporation_Rules%E2%80%9D_deal_with_conversion_in_limited_circumstances\" >2. The Companies (Incorporation) Rules, 2014 (\u201cIncorporation Rules\u201d) deal with conversion in limited circumstances.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#Applicability_to_Section_8_Companies\" >Applicability to Section 8 Companies:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#3_Does_Section_66_of_the_Companies_Act_2013_apply_when_converting_a_company_limited_by_shares_into_one_limited_by_guarantee\" >3. Does Section 66 of the Companies Act, 2013 apply when converting a company limited by shares into one limited by guarantee?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#Detailed_compliance_checklist\" >Detailed compliance checklist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#Advantages_of_Conversion\" >Advantages of Conversion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#How_can_My_Legal_Business_LLP_Support_in_conversion\" >How can My Legal Business LLP Support in conversion?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.mylegalbusiness.com\/blog\/conversion-of-section-8-company-from-shares-to-guarantee\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_to_Convert\"><\/span><strong>Why to Convert?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Over time, a guarantee structure often aligns more closely with a Section 8 company&#8217;s mission removing shareholding implications and enabling a more donation-driven or grant-based funding model. This is particularly relevant for NGOs and donor-backed institutions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Build trust with donors and CSR partners.<\/li>\n\n\n\n<li>Aligns Structure with Non-Profit Objectives.<\/li>\n\n\n\n<li>Eliminate shareholder-centric governance.<\/li>\n\n\n\n<li>Ensure limited liability through nominal guarantee amounts.<\/li>\n\n\n\n<li>Operate with flexibility in fundraising and grant utilization.<\/li>\n\n\n\n<li>Strengthen transparency and credibility for global funding.<\/li>\n\n\n\n<li>Additionally, with mandatory dematerialization of shares for companies limited by shares, many companies prefer converting to a <strong><a href=\"https:\/\/www.mylegalbusiness.com\/section-8-company-registration.php\" target=\"_blank\" rel=\"noreferrer noopener\">Section 8 Company<\/a><\/strong> limited by guarantee to avoid share related compliances.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Differences_Limited_by_Shares_vs_Limited_by_Guarantee\"><\/span><strong>Key Differences: Limited by Shares vs. Limited by Guarantee<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>Feature<\/strong><\/td><td><strong>Limited by Shares<\/strong><\/td><td><strong>Limited by Guarantee<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>Ownership<\/strong><\/td><td>Based on shareholding<\/td><td>Based on members\u2019 guarantee obligation<\/td><\/tr><tr><td><strong>Liability<\/strong><\/td><td>Limited to unpaid share capital<\/td><td>Limited to amount guaranteed on winding up<\/td><\/tr><tr><td><strong>Capital Structure<\/strong><\/td><td>Requires share subscription<\/td><td>No share capital; funded through grants, donations, etc.<\/td><\/tr><tr><td><strong>Governance<\/strong><\/td><td>Shareholders\/Members &nbsp;+ Board of Directors<\/td><td>Members + Board of Directors<\/td><\/tr><tr><td><strong>Best Suited For<\/strong><\/td><td>Early-stage or closely held non-profits<\/td><td>Larger, publicly supported NGOs or donor-funded entities<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Legal_Framework_under_Companies_Act_2013\"><\/span><strong><u>Legal Framework under Companies Act, 2013<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"1_Section%E2%80%AF18_of_the_Companies_Act_2013\"><\/span><strong><u>1. Section\u202f18 of the Companies Act, 2013:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Section 18 of the Companies Act, 2013 permits a company to convert from one class to another by altering its memorandum and articles of association. However, it does not explicitly cover the conversion of a Section 8 company limited by shares into one limited by guarantee.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the section broadly authorizes class conversions, the rules remain silent or ambiguous on this specific direction of conversion, leading to interpretational challenges in practice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"2_The_Companies_Incorporation_Rules_2014_%E2%80%9CIncorporation_Rules%E2%80%9D_deal_with_conversion_in_limited_circumstances\"><\/span>2. <strong><u>The Companies (Incorporation) Rules, 2014 (\u201cIncorporation Rules\u201d) deal with conversion in limited circumstances.<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>A. Rule 37<\/u><\/strong> outlines the process of converting an unlimited liability company whether with or without share capital into a limited liability company, either by shares or guarantee. This requires approval through a special resolution at a general meeting, followed by filing Form INC-27 and publishing a notice in Form INC-27A.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>B. <\/u><\/strong><strong><u>Rule 39 <\/u><\/strong>outlines the procedure for converting a company (other than a Section 8 company) into a company limited by shares. It involves passing a special resolution, deleting the guarantee clause from the Memorandum of Association, amending the Articles, filing Form MGT-14, and submitting Form INC-27.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Applicability_to_Section_8_Companies\"><\/span><strong>Applicability to Section 8 Companies:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This rule does not apply to the conversion of a Section 8 company limited by shares into a Section 8 company limited by guarantee, and is therefore not relevant in such cases.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Companies (Incorporation) Rules do not provide a specific procedure for converting a company limited by shares into one limited by guarantee. This regulatory gap was highlighted in <em>Azim Premji Trust Services Pvt. Ltd., C.P. (CAA) No. 52\/BB\/2022<\/em>, where it was held that the absence of notified rules does not bar such conversion, as it is permissible under Section 18 of the Companies Act, 2013.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"3_Does_Section_66_of_the_Companies_Act_2013_apply_when_converting_a_company_limited_by_shares_into_one_limited_by_guarantee\"><\/span><strong>3. Does Section 66 of the Companies Act, 2013 apply when converting a company limited by shares into one limited by guarantee?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Short answer:<\/strong><em> Yes, but only if the conversion involves reduction of share capital.<\/em><\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Section 66<\/strong> of the Companies Act, 2013 applies strictly to cases involving <strong>reduction of share capital<\/strong>.<\/li>\n\n\n\n<li>If a <strong>Section 8 company limited by shares<\/strong> converts into a <strong>Section 8 company limited by guarantee without share capital<\/strong>, the elimination of share capital may be treated as a capital reduction triggering Section 66.<\/li>\n\n\n\n<li>However, if the conversion <strong>does not involve reducing or cancelling share capital<\/strong>, and only alters the nature of liability, <strong>Section 66 may not apply<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Section 66 is <strong>not automatically applicable<\/strong> to every conversion. Its relevance depends entirely on whether <strong>share capital is being reduced<\/strong> as part of the process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Detailed_compliance_checklist\"><\/span><strong><u>Detailed compliance checklist<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>I. Compliance Requirements under Section\u202f18 of the Companies Act, 2013<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>A. Pre-Application Requirements<\/u><\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Board Meeting<\/strong>\n<ul class=\"wp-block-list\">\n<li>Approve proposal for conversion<\/li>\n\n\n\n<li>Approve draft altered MoA and AoA<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>General Meeting<\/strong>\n<ul class=\"wp-block-list\">\n<li>Pass Special Resolution approving conversion and approving alteration in MOA\/AOA<\/li>\n\n\n\n<li>File Form MGT-14 with ROC within 30 days<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<blockquote class=\"wp-block-quote has-pale-cyan-blue-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>**<em>Please note that Form MGT-14 shall be required for both purposes- alteration in MOA\/AOA as well as for approving conversion.<\/em><\/strong><\/p>\n<\/blockquote>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Public Notice (within 7 days of special resolution)<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Publish notice (Form INC-27A) in:<\/strong>\n<ul class=\"wp-block-list\">\n<li>1 English + 1 vernacular newspaper in district of registered office<\/li>\n\n\n\n<li>Company website (if any)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Dispatch notice to all creditors\/debenture holders by registered\/speed post\/courier (with proof)<\/li>\n\n\n\n<li>Invite objections within 21 days of publication<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>B. Application for Conversion (within 45 days of Special Resolution)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>File Form INC-27 with the following:<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Notice &amp; Explanatory Statement of General Meeting<\/strong><\/li>\n\n\n\n<li><strong>Certified copy of Special Resolution<\/strong><\/li>\n\n\n\n<li><strong>Newspaper clippings (as published)<\/strong><\/li>\n\n\n\n<li><strong>Altered MoA and AoA (e-form), certified by director\/CS<\/strong><\/li>\n\n\n\n<li><strong>Declaration (2 directors including Managing Director, if any) that:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Conversion will not affect existing debts\/obligations (except member liability)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>List of creditors\/debenture holders with:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Names, addresses, and amounts due<\/li>\n\n\n\n<li>Director\u2019s declaration of dispatch of notice (with proof)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Director\u2019s declaration (2 directors including Managing Director, if any) on:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Accuracy of creditor list and liability estimates<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Declaration of Solvency (2 directors including Managing Director, if any)<\/strong><\/li>\n\n\n\n<li><strong>Auditor\u2019s Certificate confirming solvency and going concern status<\/strong><\/li>\n\n\n\n<li><strong>NOC from Sectoral Regulator, if applicable<\/strong><\/li>\n\n\n\n<li><strong>NOC from Secured Creditors, if any<\/strong><\/li>\n\n\n\n<li><strong>Declaration (2 directors including Managing Director, if any) that:<\/strong><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No complaints, inspection, inquiry, or investigation pending<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>C. Post-Filing Process<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Registrar Review<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>ROC to review application and objections<\/strong><\/li>\n\n\n\n<li><strong>Grant approval if satisfied<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D. Ineligibility Conditions<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Conversion not allowed if:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Net worth is negative<\/strong><\/li>\n\n\n\n<li><strong>Application for winding up, or call-in-arrears situations exist<\/strong><\/li>\n\n\n\n<li><strong>Annual filings are pending<\/strong><\/li>\n\n\n\n<li><strong>Any inspection, inquiry, or investigation is pending<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>II. If the conversion entails reduction or elimination of share capital\u2192 Section\u202f66 route<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Board Meeting these additional points to be considered:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Approve proposal for reduction of share capital<\/li>\n\n\n\n<li>Approve draft scheme of reduction and fix date for General Meeting<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Shareholders&#8217; Approval<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pass Special Resolution in General Meeting (Section 66(1)) by altering the share capital clause<\/li>\n\n\n\n<li>File Form MGT-14 with ROC within 30 days of passing the resolution<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Petition to NCLT (Rule 2)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>File application (in Form RSC-1) with jurisdictional NCLT within 30 days of special resolution<\/li>\n\n\n\n<li>Attach:\n<ul class=\"wp-block-list\">\n<li><strong>List of creditors (certified by auditor)<\/strong><\/li>\n\n\n\n<li><strong>Certificate from auditor confirming conformity with accounting standards<\/strong><\/li>\n\n\n\n<li><strong>Declaration of solvency (if not listed)<\/strong><\/li>\n\n\n\n<li><strong>MoA, AoA, copy of special resolution<\/strong><\/li>\n\n\n\n<li><strong>Proposed minute of reduction<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. Notice by NCLT (Rule 3\u20135)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NCLT issues notice to:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Central Government (RD)<\/li>\n\n\n\n<li>Registrar of Companies (ROC)<\/li>\n\n\n\n<li>Securities and Exchange Board of India (SEBI) \u2013 if listed company<\/li>\n\n\n\n<li>Creditors of the company<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Notice to be published:<\/strong>\n<ul class=\"wp-block-list\">\n<li>In English and vernacular newspaper<\/li>\n\n\n\n<li>On the company\u2019s website (if any)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Creditors and regulators have 3 months to file objections<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. Hearing and Order by NCLT<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NCLT hears objections, if any, and if satisfied:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Confirms the reduction<\/li>\n\n\n\n<li>Approves minute of reduction<\/li>\n\n\n\n<li>May impose conditions, including repayment of creditors<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>6. Filing of Order and Minute<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>File certified copy of NCLT order and minute with ROC in Form INC-28 within 30 days<\/li>\n\n\n\n<li>ROC registers the order and issues certificate of registration<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>7. Post-Reduction Compliances<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Update MoA and balance sheet<\/li>\n\n\n\n<li>Disclose reduction in financial statements as per Schedule III and Ind AS<\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Key Conditions &amp; Restrictions<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>No reduction allowed if:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Company is in arrears in repayment of deposits or interest<\/li>\n\n\n\n<li>Accounting treatment not in line with notified standards (Section 133)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_Conversion\"><\/span><strong>Advantages of Conversion<\/strong><strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The conversion of Section 8 Company limited by shares into a Section 8 Company limited by guarantee provides:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Donor-Friendly Structure<\/strong> &#8211; Attracts CSR contributions, international grants, and charitable funding.<\/li>\n\n\n\n<li><strong>Elimination of Shareholding<\/strong> -Removes conflicts among shareholders, ensuring nonprofit focus.<\/li>\n\n\n\n<li><strong>Enhanced Transparency<\/strong> &#8211; Guarantee-based governance builds credibility.<\/li>\n\n\n\n<li><strong>Ease of Fundraising<\/strong> &#8211; Suitable for NGOs and non-profits relying on donations rather than equity.<\/li>\n\n\n\n<li><strong>Global Acceptance<\/strong> &#8211; International agencies prefer guarantee-based models.<\/li>\n\n\n\n<li><strong>Limited Liability<\/strong> &#8211; Members\u2019 liability is capped to the guarantee amount, often nominal.<\/li>\n\n\n\n<li><strong>Better Governance<\/strong> &#8211; Simplifies compliance and long-term management.<\/li>\n\n\n\n<li><strong>Lower Administrative Costs<\/strong> \u2013 Eliminates expenses related to share management, issuance, and transfers.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_can_My_Legal_Business_LLP_Support_in_conversion\"><\/span><strong>How can My Legal Business LLP Support in conversion?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At <strong><a href=\"https:\/\/www.mylegalbusiness.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">My Legal Business LLP<\/a><\/strong>, we offer end-to-end legal and compliance support for the seamless conversion of a <strong>Section 8 company limited by shares<\/strong> into a <strong>Section 8 company limited by guarantee<\/strong>. Our expert team ensures full adherence to the <strong>Companies Act, 2013<\/strong> and applicable regulatory provisions.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Our services include:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Legal feasibility review and advisory<\/li>\n\n\n\n<li>Drafting and filing of necessary resolutions and forms (including MGT-14, INC-27)<\/li>\n\n\n\n<li>Amendments to the Memorandum and Articles of Association<\/li>\n\n\n\n<li>Guidance on compliance with Section 18 and related MCA guidelines<\/li>\n\n\n\n<li>Liaison with the Registrar of Companies (RoC)<\/li>\n\n\n\n<li>Post-conversion support and documentation<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Can a Section 8 company limited by shares convert into a company limited by guarantee?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, such conversion is permitted under <strong>Section 18<\/strong> of the Companies Act, 2013, subject to compliance with applicable legal provisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Is there a specific rule under the Companies (Incorporation) Rules for this conversion?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No specific rule currently prescribes the step-by-step process. However, the conversion is still legally valid under the Act.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Is approval from the members required?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, the company must pass a <strong>special resolution<\/strong> in a general meeting approving the conversion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. What forms need to be filed with the Registrar of Companies (RoC)?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Form <strong>MGT-14<\/strong> (for the special resolution) and <strong>Form INC-27<\/strong> (for the conversion application) must be filed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. Does Section 66 (Reduction of Share Capital) apply?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Section 66 may apply <strong>only if<\/strong> the conversion involves reduction or cancellation of share capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>6. Do the Memorandum and Articles of Association need to be amended?<\/strong><br>Yes, both MOA and AOA must be revised to reflect the change from share capital to guarantee structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>7. Is ROC approval mandatory?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, the conversion takes effect only upon <strong>approval by the Registrar of Companies<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>8. What are the benefits of converting to a company limited by guarantee?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key benefits include <strong>no share capital requirement<\/strong>, <strong>simplified governance<\/strong>, and <strong>greater alignment with non-profit objectives<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>9. Will a fresh Certificate of Incorporation be issued after conversion?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, upon approval of the conversion, the <strong>Registrar of Companies will issue a fresh Certificate of Incorporation<\/strong> reflecting the new structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>10. Are there any tax implications of this conversion?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the conversion itself may not trigger tax liability, it&#8217;s advisable to consult a tax advisor to ensure compliance with <strong>Section 12A\/80G<\/strong> registrations (if applicable) and other relevant tax provisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>11. Can the same name be retained after conversion?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, the <strong>company may retain its existing name<\/strong>, subject to availability and compliance with the <strong>naming guidelines<\/strong> under the Companies Act, 2013.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>12. What is the timeline for completing the conversion?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The process typically takes <strong>4\u20136 weeks<\/strong>, depending on document readiness and the ROC\u2019s processing time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>13. Does the conversion affect existing licenses, registrations, or contracts?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Generally, all valid licenses, contracts, and registrations <strong>continue post-conversion<\/strong>, but it&#8217;s prudent to <strong>notify relevant authorities and stakeholders<\/strong> about the change in legal structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>14. What happens to existing shareholders after conversion?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Upon conversion, <strong>shareholders cease to hold shares<\/strong> and become <strong>members (guarantors)<\/strong> of the company. Their liability is limited to the amount they guarantee in the Memorandum.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-3e41869c wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\">ALSO READ<\/a><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mylegalbusiness.com\/blog\/difference-between-moa-and-aoa\/\"><strong>Difference Between MOA and AOA Explained Simply<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mylegalbusiness.com\/blog\/section-8-microfinance-company-in-india\/\"><strong>Section 8 Microfinance Company Registration- A complete guide<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mylegalbusiness.com\/blog\/section-8-company-registration-process-step-by-step\/\"><strong>Section 8 Company Registration Process Step By Step<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mylegalbusiness.com\/blog\/checklist-for-conversion-of-society-into-section-8-company\/\"><strong>Checklist for Conversion of Society into Section 8 Company<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mylegalbusiness.com\/blog\/benefits-of-section-8-company-registration-in-india\/\"><strong>Benefits of Section 8 Company Registration in India<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mylegalbusiness.com\/section-8-company-registration-in-rajasthan.php\"><strong>Section 8 Company Registration in Rajasthan<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mylegalbusiness.com\/section-8-company-registration-in-uttar-pradesh.php\"><strong>Section 8 Company Registration in Uttar Pradesh<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Section 8 Companies play a pivotal role in advancing charitable, educational, social, and environmental causes in India. While many are initially incorporated [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-section-8-company"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Conversion of Section 8 Company From Shares to Guarantee<\/title>\n<meta name=\"description\" content=\"Learn the process to convert a Section 8 company from limited by shares to limited by guarantee, including legal requirements and documentation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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