TaxTMI 
TaxTMI 
Insertion of new Fifth Schedule
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....f the specified trust to the limited liability partnership in accordance with this Schedule; (b) "investor" means an investor to the funds of the specified trust in accordance with the relevant regulations made by the Securities and Exchange Board of India, or by the International Financial Services Centres Authority, as the case may be; and (c) "specified trust" shall have the meaning assigned to it in the Explanation to section 57A. 2. Conversion from specified trust into limited liability partnership.- (1) A specified trust may convert into a limited liability partnership by complying with the requirements as to the conversion set out in this Schedule. (2) Upon such conversion, the trustees of....
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.... subject to the provisions of this Act, register the documents and issue a certificate of registration in such form, as the Registrar may determine, stating that the limited liability partnership is, on and from the date specified in the certificate, registered under this Act: Provided that the limited liability partnership shall, within fifteen days of the date of registration, inform, the concerned authority with which specified trust was established under the provisions of the Indian Trusts Act, 1882 (2 of 1882) or under a Central Act or State Act, about the conversion and of the particulars of the limited liability partnership in such form and manner, as may be prescribed. 6. Registrar may refuse to register.-(1) Nothi....
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.... all necessary steps as required by the relevant authority to notify the authority of the conversion and of the particulars of the limited liability partnership in such medium and form, as the authority may specify. 9. Pending proceedings.-All proceedings by or against the specified trust or its trustee, on behalf of the specified trust, which are pending in any Court or Tribunal or before any authority on the date of registration may be continued, completed and enforced by or against the limited liability partnership. 10. Continuance of conviction, ruling, order or judgment.-Any conviction, ruling, order or judgment of any Court, Tribunal, or other authority, in favour of or against the specified trust, or its trustees, a....
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....instead of the specified trust. 14. Existing appointment, authority or power.-(1) Every appointment of the specified trust or its trustee in any role or capacity, which is in force immediately before the date of registration, shall take effect and operate from that date as if the limited liability partnership were appointed. (2) Any authority or power conferred on the specified trust or its trustee, which is in force immediately before the date of registration, shall take effect and operate from that date as if it were conferred on the limited liability partnership. 15. Application of paragraphs 7 to 14.-The provisions of paragraphs 7 to 14 (both inclusive) shall apply to any approval, permit or licence issued to ....