- Excise licences are personal to the holder and are non-transferable except hereunder:Inclusion or exclusion of partner: No licensee shall, except with the prior permission of the State Government, get any person included as a partner to his licence or get an existing partner excluded. When there are only two partners in the firm holding the licence and one of them withdraws or expires the entity of the firm shall change from partnership to proprietary.Conversion of a proprietary concern into a firm or a company or a firm into a company and vice versa shall not be allowed unless the stake of the original licence holder in the proposed firm or company is more than 50%.
