When opc ceases to be opc in case of paid up share capital

No such limit anymore Rule 6 of Incorporation Rule has been amended w.e.f April 2021 and the earlier provision of "OPC shall cease to be OPC when either the paid up share capital exceeds Rs. 50 lakhs or its average annual turnover during the relevant period exceeds Rs. 2 crores and within 6 months of such date, it shall either convert OPC into Private Company with 2 members and 2 directors or Public Company with 3 directors and 7 members." has been substituted with "The One Person company shall alter its memorandum and articles by passing a resolution in accordance with sub-section (3) of section 122 of the Act to give effect to the conversion and to make necessary changes incidental thereto."

Sudha Reddy

CA Final

★ 20K+

21-Apr-22 08:52