| 21. |
While converting an individual proprietorship agency into an ESM private limited company the following aspects will be adhered to: -
- All the officers forming partners of the private limited company should have empanelled individual proprietorship security agency with DGR irrespective of their original choice, the newly formed Pvt Ltd Company will have to opt for common choice of states.
- The quota of guards already availed by the officers as individual proprietors will be offset against the total no of guards authorised.
- The age of all directors will be considered while sponsoring the agency.
- The maximum period of four years for sponsorship will be inclusive of the period of sponsorship availed by the individual agencies prior to becoming private limited company. The balance period will be calculated by deducting the period of sponsorship availed by the agency that has been sponsored for the longest period.
- The name of the private limited company will be that of any of the Director’s agency as approved by the DGR.
- All running contracts in respective state in the individual proprietorship of the directors will continue for the currency of the contract. However, from the date of formation of the Pvt Ltd Company all assets and liabilities in all form will be merged. No responsorship of those contracts will be done in the original state unless those states happen to be the common choice of states of the newly formed Company.
- The officers joining together to form ESM Pvt Ltd Co. will not be allowed to re-open their individual proprietorship agency or open a new one at a later stage other than conditions stated in Para 20 of the instructions.
- Under no circumstances will a proprietor be part of a Pvt Ltd Company and run a separate proprietorship agency simultaneously. The individual Proprietorship will automatically seize on formation of Pvt Ltd Company.
- Mere registration of formation of a Pvt Ltd Company with the registrar of Companies, does not Imply automatic empanelment with the DGR for the sponsorship to CPSUs.
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| 23. |
The Proforma of Application for Conversion of Individual Proprietorship Agency to ESM Pvt Ltd Company is as given at Appendix ‘L’. |
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