One Person Company under clause 62

A company which has only one person as a member known as one person company.

Details of one person company

One person company is a new idea started for the first time in India in the act 2013. There will be only one member in the one person company. A one person company member can be a natural person. One person company (OPC) is a certified kind of business entity in more countries.

The idea of One Person Company may be established has the following features:

OPC may be registered as Private Limited Company with one member and one director.

Appropriate protections in case of disability/death of the sole person should be assigned appointment of another person as Nominee Director. On the death of the valid director, the nominee director will handle the experiences of the company through the date of transmission of shares to legal receiver of the death member.

The letter OPC to be ending with the name of One Person Companies to determine it from other companies.

The J.J Irani Committee specified the rule for categorization of companies but the committee placed that such kinds can never be complete.

On the reason of number of members in the categorization can be like

  • One Person Company
  • Private Limited Company
  • Public Limited Company

Companies act 2013: Section 2(63)

The section 2 (63) of the act 3013 gives that normal or special purpose shall have the meaning as mentioned in section 114 of the act 2013.

Paid up share capital

Share capital paid-up or paid-up share capital means such total amount of money credited as paid-up as is similar to the amount gained as paid-up in approval of shares provided also contains any amount assigned as paid-up in approval of shares of the company.

Working Group on the companies act 1956

  • Previous Company Law
  • Acts involving to companies in regiment before the Indian Companies Act 1866
  • The Transferred Companies Ordinance Registration 1942
  • The companies act 1956

Any law relating to any of the same acts or the rules and in force:

In a part B state (other than the state of Jammu and Kashmir) or in the merged territories or any part thereof, before the addition thereto of the Indian Companies Act 1913

The Portuguese commercial code involves to sociedades anonimas.

The Registration of Companies Sikkim Act 1961

Companies Act 1956: Section 192 A

The idea of postal ballot was established in the 1956 act by companies act2000. It is effective from 15-6-2001. The government had the controls to authorize the businesses which are confirmed by the postal ballot. It has many shareholders which are not attend in the shareholders meeting. So, the postal ballot could forward their option either by post or electronic mode.

Historical background

Postal Ballot have electronic voting and it has experience of various decades have shown that most of the shareholders who occupy in far flung are unable to attend extraordinary or annual general meetings. The shareholders are also decision making of the company.

Working group on the companies act 1956

The working group created by the department of company affairs in its report is confirmed to the central government on 2nd February 1997. The basic reason is that the state of postal infrastructure in India. The group also felt that the system of proxies could be improved upon to provide more to shareholders.

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