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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 […]
Continue reading »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 […]
Continue reading »Incorporation of a company: An OPC (one person company) Registration process in India is simple and easiest process when compared to other type of company registration process. 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 for incorporation […]
Continue reading »One Person Company: Now a days, Company registration in spitted into many types as per the Companies Act, 1956, and later it has been revised in 2013. It means a company which has only one member which is important to note that section 3 classifies OPC as a private company for all the legal purposes of the sole member. All […]
Continue reading »Here, we are going to look at how one person company can be formed by following the prescribed procedures. We already know that what is one person company since the name itself clearly indicates that the company with the single director can form a firm. Some doubts may arise, when comes to formation. Look at this content, you will get […]
Continue reading »Introduction about OPC An One Person Company (OPC) is ideal for an individual who runs a business by himself,wants to have effective control over all functions of the business and work in a corporate framework. Any entrepreneur who requires to forming the company with limited liability should register for OPC. An OPC can be eligible or registration minimum capital of […]
Continue reading »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 […]
Continue reading »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 […]
Continue reading »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 […]
Continue reading »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 […]
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