In given case company is incorporated in 15-16 nd if company want to convert into any other kind of company then it has to satisfy limits in yr of 15-16 or 16-17 . But after completion of 2yrs directly it can convert into other companies without any satisfying limits or again it want to satisfy ???
In this question, 2 years have elapsed from incorporation. So the company is eligible for voluntary conversion. It may choose to convert or not. It depends on the company. However, in the given case, PSC is also more than 50L in 2017-18 in first case, and average Turnover is exceeding 2 cr in second case. Therefore the company will compulsorily have to covert itself as the threshold limits have been crossed.