TOPIC 9: QUICK REFERENCE TO “Conversion of Private Company into One Person Company”

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Quick Reference to "Conversion of Private Company into One Person Company" :-
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Legal Provision:-
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Rule 7 of Companies ( Incorporation ) Rules, 2014.
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Points:-
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1. The Private Company can convert into OPC but with maximum paid up share capital of ₹ 50 lakhs and Avg. Annual Turnover during immediately preceding 3 Financial Year is Maximum ₹ 2 Cr.
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2. Section 8 Company cannot convert into OPC.
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3. No objection letter in writing is required from members and creditors. Board Resolution in the Board meeting and then Special resolution in the general meeting is required to pass.
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4. MGT-14 should be filed within 30 days from passing of Special Resolution.
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5. Form INC-6 should be filled with ROC.
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6. Altered MOA/ AOA with latest balance sheet of Company is also a mandatory attachment with form INC 6.
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7. ROC will provide New/ Fresh Certificate of Incorporation after Complying the Procedure in a proper manner.
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Regards,
ACA SOURAV BAGARIA