onepersoncompan

Extraordinary General Meeting – One Person Company Registration in Coimbatore

Companies Act, 1956: Section 169 Section 169 of the 1956 Act empowered the members to requisition the Board to call for an extraordinary general meeting. This section prescribed the minimum number of members in a company with share capital (members having not less than 10% of the paid up share capital carrying voting rights) as well a company without share capital (members having not less than 10% of the total voting power) who can petition to the Board for convening…

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Red – herring Prospectus – One Person Company Registration

Companies Act, 1956: Section 60B Section 60B of the 1956 Act was essentially a provision relating to issuance of a red- herring prospectus which could be circulated to the public without containing particulars of pricing and the quantum of securities being offered to the public, to enable negotiation of the proposed eventual public offer of securities. Section 60B was inserted by the Companies (Amendment Act) 2000 and introduced the concepts of ‘information memorandum’ and ‘red-herring prospectus’. The Companies (Amendment) Act,…

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Company Secretary- Powers and Duties

Company Secretary’s powers and duties Duties are largely ministerial or administrative. Secretary’s duties are largely of ministerial or administrative nature. He has no power to negotiate contracts nor borrow moneys or make policy decisions, nor, in the absence of special authorization, acknowledge a debt or other liability. The Supreme Court observed: Ordinarily the functions of the secretary of the corporation would be ministerial and administrative. As a secretary only, he would have no authority to bind the corporation by entering…

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All you need to know One Person Company Registration

Section 3 of the 2013 Act corresponds to section 12 of the 1956 Act. While section 3 of the 2013 Act provides for formation of a private company and public company as was also provided in the 1956 Act, it additionally now also enables formation of a new entity ‘one person company’ (OPC). The J.J. Irani Committee, the expert committee constituted by the Ministry of Corporate Affairs to advise the Government on the new Company Law has discussed in detail…

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Introduction to One Person Company

One person Company One person company, is a company which has only one person as a member; Companies Act, 2013: Section 2(62) Section 2(62) of the 2013 Act was notified vide SO 902(E) and has been in effect from 01-04-2014. One person company is a new concept introduced for the first time, in India, in the 2013 Act. As per this definition there will be only one member in the one person company. Only a natural person can be a…

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Change of name of company – One Person Company Registration

Section 21 of Companies Act, 1956 – Change of name of company Section 21 of the 1956 Act prescribes a special resolution and approval of the Central Government for changing the company’s name. (Note: Under the 2013 Act, s. 13(2) and (3) read with the relevant rules in Company (Incorporation) Rules 2014, will govern the process for change of name of companies). The provision to s. 21 of the 1956 Act dispenses with the approval of the Central Government when…

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Definition of subsidiary and holding company – OPC Registration

Companies Act, 2013: Section 2(87) Section 2(87) of the 2013 Act was notified vide SO 2754(E) and has been in effect from 12-09-2013. To note that the proviso to s. 2(87)(ii) has not been notified at the time of going to press.Section 2087) corresponds to s. 4 of the 1956 Act with substantial changes. Section 129(3) of the 2013 Act also refers to the term subsidiary and gives an expanded meaning to the term by including associate company and joint…

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Rectification of Company Name if it similar to Registered Trademark

Companies Act, 1956: Section 22 It is possible that by inadvertence or otherwise, that the Registrar may have permitted a company to have its name similar to/identical with an existing company. The main object of s. 22 of the 1956 Act was to empower the Central government to direct such a company to change its name. A registered trade mark owner could seek rectification of the name of a company which was similar to the trade mark within, 5 years…

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Removal of an Auditor – One Person Company Registration

Every type of company including One Person Company mandatorily has an auditor to audit their books of account. It is not mandatory to appoint an auditor; the process of auditing has been done by the chartered Accountant or may appoint an auditor. But under the provision, the rotation of auditor not mandatory for One Person Company. Any way, we are going to discuss Removal of an auditor for any type of company and which may applicable for One Person Company…

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Things to know about One Person Company

Incorporation of one person company: Both sole member and nominee shall be natural persons, Indian citizens and residents in India. Only a natural person who is an Indian citizen and resident in India- Shall be eligible to incorporate a one person company; Shall be a nominee for the sole member of a one person company. The term resident India means a person who has stayed in India for a period of not less than one hundred and eighty two days…

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