Private Limited Company to OPC:
Under the specific criteria, a private limited company and the company which is registered under the section 8 can convert into one Person Company.
If the paid up share capital is less than the fifty lakhs of rupees and the annual turnover is less than the threshold limit, which is 2 crore rupees, can convert itself into one person company by passing a special resolution in the board meeting.
The notice of general meeting need to be issued to all the directors, shareholders, members and auditors in the company.
Extra- ordinary General Meeting need to conduct with the shareholders for the approval of the conversion process. If they are ready to accept this conversion, the special resolution will be passed.
Things need to do during the conversion procedure:
- Before passing the resolution, it is indeed to get the no objection letter from the creditors and the members.
- Need to file the copy of special resolution with the registrar of companies. Within thirty days from the date of passing such resolution in the Form.No.MGT.14.
- The company need to file an application in Form.No.6 for conversion to OPC along with the fees which is provided in the company’s registration offices.
The Documents which is required to submit along with the application form:
- The directors of the company need to produce the declaration in the form of affidavit which should confirm that, all the creditors and the members given the consent about the conversion. (The applicable cases If, the annual turnover is less than 2 crore rupees and paid up share capital is less than or average of fifty lakhs).
- The members and the creditors of that company need to mention in the form of a list.
- The latest audited balance sheet and the details of profit and loss account has to be attached.
- The copy of no objection letter from the creditors needs to be produced.
On filing the necessary documents along with the e-forms to the registrar. The registrar will issue the certificate after being satisfied and complied with the requirements. Finally the certificate of conversion from private limited company to one person company will be issued.
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