Question

LTC
(b)
Mr. Anil formed a One Person Company (OPC) on 16th April, 2018 for manufacturing
electric cars. The turnover of the OPC for the financial year ended 31st March, 2019
was about Rs. 2.25 Crores. His friend Sunil wanted to invest in his OPC, so they
decided to convert it voluntarily into a private limited company. Can Anil do so?
(4 Marks)​

Answer 1

Answer:

yes, because there turnover is exceed from 2 crores.

Answer 2

Answer:

Anil can convert his OPC into a private limited company.

Explanation:

From the above question,

They have given :

Yes, Anil can convert his OPC into a private limited company.

According to the Companies Act, 2013, an OPC can convert voluntarily into a private limited company if it has a paid-up capital of Rs. 50 lakhs or more and an average annual turnover of Rs. 2 crores or more. As the turnover of the OPC for the financial year ended 31st March, 2019 was about Rs. 2.25 Crores, Anil can convert his OPC into a private limited company.

1. Anil formed a One Person Company (OPC) on 16th April, 2018 for manufacturing electric cars.
2. The turnover of the OPC for the financial year ended 31st March, 2019 was about Rs. 2.25 Crores.
3. His friend Sunil wanted to invest in his OPC, so they decided to convert it voluntarily into a private limited company.
4. According to the Companies Act, 2013, an OPC can convert voluntarily into a private limited company if it has a paid-up capital of Rs. 50 lakhs or more and an average annual turnover of Rs. 2 crores or more.
5. As the turnover of the OPC for the financial year ended 31st March, 2019 was about Rs. 2.25 Crores, Anil can convert his OPC into a private limited company.

Hence, Anil can convert his OPC into a private limited company.

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