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Companies Act 2013 - Some New Concepts: Part 2

Concepts like One Person Company in order to protect the interest of the promoters have been introduced in The Indian Companies' Act 2103. Also, mentioning of registered office during the course of incorporation is not required any more. Such concepts have been briefly discussed in this presentation. It culminates with some interesting points that have been introduced.

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Companies Act 2013 - Some New Concepts: Part 2

  1. 1. BlueLotus Strategy Consulting © BlueLotus Strategy Consulting © Some interesting Facts about new Companies Act, 2013
  2. 2. Paid up capital is more than 50 lacs but less than 5 crores Turnover is more than 2 crores but less than 20Crores Does not apply to section 25 and Section 8 companies BlueLotus Strategy Consulting © •Three conditions to be satisfied to form an OPC: –Natural Person –Resident in India –Citizen of India •Compulsory Nomination •MCA forms are in testing stage •Maximum Five OPC by single person •Annual Declarations will be filed •OPC can be converted into Public and Private Limited if paid up capital is equals or more than 50 lacs or Average Turnover equals or exceeds 2 crores One Person Company Small Company
  3. 3. Cancellation of name by ROC is possible before or after incorporation Penal actions for all certifying authority –civil and criminal Penalty is upto INR 1Lac and Criminal Prosecution also BlueLotus Strategy Consulting © No concept of Other Objects now KYC for subscribers – utility bills must for address Prof of nationality Specimen signatures attested by bankers Director ship and details of promoter in other companies for subscribers Table A to E adoption Memorandum of Association Name Availability
  4. 4. Applicable on both Private and Public having share capital Such companies cannot exercise borrowing powers and commence business unless: Filed Declaration as prescribed is filed, minimum capital is maintained as paid, all subscribers have paid the value of shares subscribed Filed with ROC a Verification of the RO as per Section 12(2) ROC can Remove the name of the company if declaration is not filed with 180 days from incorporation BlueLotus Strategy Consulting © No need to mentioning Registered Office address at the time of Incorporation Address of correspondence will do the purpose Registered office address needs to be circulated within 15 days after incorporation Physical verification of registered office is mandatory as declaration will be filed to ROC List of all companies with CIN having same unit/tenement/premises to be furnished Registered Office of Company Commencement of Business
  5. 5. BlueLotus Strategy Consulting © Interest of Directors in other Firms and Bodies corporate and their consent shall be provided at the time of incorporation Duty of the Company to preserve and keep at RO the office copies of documents as originally filed with ROC till the dissolution. Alteration of articles will be more difficult Other Interesting Facts Articles will have entrenchment provisions Less attachments and form will be more descriptive in order to fetch maximum information
  6. 6. BlueLotus Strategy Consulting © www.bluelotusstrategy.com

Concepts like One Person Company in order to protect the interest of the promoters have been introduced in The Indian Companies' Act 2103. Also, mentioning of registered office during the course of incorporation is not required any more. Such concepts have been briefly discussed in this presentation. It culminates with some interesting points that have been introduced.

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