TMI BlogConversion of One Person Company into a Public company or a Private companyX X X X Extracts X X X X X X X X Extracts X X X X ..... th subsection (3) of section 122 of the Act to give effect to the conversion and to make necessary changes incidental thereto. (2) A One Person company may be converted into a Private or Public Company, other than a company registered under section 8 of the Act, after increasing the minimum number of members and directors to two or seven members and two or three directors, as the case may be, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeds fifty lakh rupees or its average annual turnover during the relevant period . 2. Substituted vide Notification No. G.S.R. 91(E) dated 01-02-2021 w.e.f. 01-04-2021 before it was read as 6. One Person Company to convert itself into a public company or a private company in certain cases.- (1) Where the paid up share capital of an One Person Company 1 [exceeds fifty Iakh r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 122 of the Act to give effect to the conversion and to make necessary changes incidental thereto. (4) The One Person Company shall within period of sixty days from the date of applicability of sub-rule (1), give a notice to the Registrar in Form No.INC.5 informing that it has ceased to be a One Person Company and that it is now required to convert itself into a private company or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs and directors to two or minimum of seven members and two or three directors as the case may be, and by maintaining the minimum paid-up capital as per requirements of the Act for such class of company and by making due compliance of section 18 of the Act for conversion. 3. Substituted vide NOTIFICATION NO. G.S.R. 42(E) dated 19-01-2023 before it was read as, (3) The company sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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