13) MNO a One Person company (OPC) was incorporated during the year 2015-16 with an authorised capital of ` 45 lakhs (4.5 lakhs shares of `10 each). The capital was fully subscribed and paid up. Turnover of the company during 2015-16 and 2016-17 was `2 crores and `2.5 crores respectively. Promoter of the company seeks your advice in the following circumstances, whether MNO (OPC) can convert into any other kind of company during 2017-18. Please, advise with reference to relevant provisions of the Companies Act, 2013 in the below mentioned circumstances:
(i)If promoter increases the paid up capital of the company by `10 lakhs during 2017-18
(ii)If turnover of the company during 2017-18 was `3 crores.

Answer rating: 100% (QA)

Answer As per Rule 3 of the Companies Incorporation Rules 2014 One Person Company OPC cannot convert ... View the full answer