43)Chhavish, an Indian citizen and resident of India formed Ekta Readymade Garments (OPC) Private Ltd. as One
Question:
43)Chhavish, an Indian citizen and resident of India formed “Ekta Readymade Garments (OPC) Private Ltd.” as One Person Company on 1st April 2018 with his wife Mrs. Jyoti as nominee. The authorized and paid-up share capital of the company is ` 35 lakhs. He got in touch with a readymade garments buyer and was expecting to receive a substantial order by August 2020 where final delivery will be completed by December 2020. To expand the production capacity, the decided to invest an additional capital of ` 10 lakhs in plant and machinery. As a result, the company’s authorized and paid-up share capital is now ` 45 Lakhs. Promoter of the company seeks your advice. Considering the case and referring the provisions of the Companies Act, 2013, advice:
(A) Who is eligible to act as a member of OPC?
(B) Whether “Ekta Readymade Garments (OPC) Private Ltd.” can convert into any other kind of company as on 1st December 2020?
(C) If the company increases its paid up share capital by ` 30 lakhs in August,2019, can it be converted in any other kind of company immediately?
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan