“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 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.|