When we try to login to the P2V virtual Machine we do get a message "This copy of Windows must be activated with Microsoft before you can continue". This happens if we convert the Physical machine which has a OEM license applied for a Legacy Windows 2003.
The OEM license is not supported on the Virtual Machine since the hardware changes occurred.
In order to resolve this issue we would need to convert the OEM license to Volume license or Upgrade / repair the windows with new volume,retail license.
Note: Recommended to contact OEM vendor since it requires manual edit of the Operating files.
A. Login to machine which has OEM license
B. Navigate to System32 folder.
C.Search for wpa.*
D. Rename the files ( you files will be found as result)
E. Go to Run > %systemroot%\system32\oobe\msoobe.exe /ato change your product key
E. Go to Run > %systemroot%\system32\oobe\msoobe.exe /ato change your product key
Once done , rerun the P2V process and this time you will be able to successfully login to windows.