“One person company means a company which has only one member”
Companies Act, 2013 has come up with a new concept – One Person Company (commonly known as OPC)
Important features of One Person Company are:-
OPC has only one person as a member/shareholder.
OPC can be registered only as a Private Company.
OPC may be either a company limited by share or a company limited by guarantee or an unlimited company.
An OPC limited by shares shall comply with following requirements :
o Shall have minimum paid up capital of INR 1 lac
o Restricts the right to transfer its shares
o Prohibits any invitations to public to subscribe for the securities of the company.
An OPC is required to give a legal identity by specifying a name under which the activities of the business could be carried on.
Following are the provisions that aren’t applicable to OPC as per Companies Act, 2013:-
| Section 98 | Power of tribunal to call meetings of members | ||||||||
| Section 100 | Calling of extra ordinary general meeting | ||||||||
| Section 101 | Notice of meeting | ||||||||
| Section 102 | Statement to be annexed with the notice | ||||||||
| Section 103 | Quorum for meetings | ||||||||
| Section 104 | Chairman of meetings | ||||||||
| Section 105 | Proxies | ||||||||
| Section 106 | Restriction on voting rights | ||||||||
| Section 107 | Voting by show of hands | ||||||||
| Section 108 | Voting through electronic means | ||||||||
| Section 109 | Demand Poll | ||||||||
| Section 110 | Postal Ballot | ||||||||
| Section 111 | Circulation of member’s resolution. | ||||||||
The Accounturtles 