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Author Topic: Is it okay to exceed the annual turnover limit of an OPC after 3 years?  (Read 369 times)

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Offline Janiabhi

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Is it okay to exceed the annual turnover limit of an OPC after 3 years?

LegalWiz.in

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Re: Is it okay to exceed the annual turnover limit of an OPC after 3 years?
« Reply #1 on: February 22, 2018, 03:21:18 AM »
Criteria of Conversion are falling under two heads being Voluntary Conversion and mandatory conversion. When the turnover or the paid-up capital exceeds the prescribed limit any time after the incorporation of the One Person Company, the conversion of OPC to Private or Public Limited Company shall be mandatory. The criteria under mandatory conversion do not look into the years completed.

The voluntary conversion would be in case when the member himself wants to get the company converted into Private or Public Limited Company irrespective the paid-up capital or the turnover limit. In given case, the conversion can be made only after completion of 2 years from the incorporation of the OPC
« Last Edit: February 22, 2018, 06:07:15 AM by admin »

Offline kalaskarkk

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Re: Is it okay to exceed the annual turnover limit of an OPC after 3 years?
« Reply #2 on: February 28, 2018, 01:35:58 AM »
Dear Sir,

I agree with opinion of Ld. Adv. LegalWiz.in.
Regards:

Kishan Dutt Kalaskar
Retd Judge and Advocate
No.74, 1st Floor, “Disley”  House,
Malleswaram, Bengaluru-560003.
Mob: 9686971935, 080-23461189
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Re: Is it okay to exceed the annual turnover limit of an OPC after 3 years?
« Reply #2 on: February 28, 2018, 01:35:58 AM »

 

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