One Person Company – New concept of companies bill


One Person Company
  1.  To be incorporated only as a Private Company.
  1.  The Member who is an Individual shall be deemed to be the First Director until the Directors are appointed by him.
  1.  The memorandum of One Person Company shall indicate the name of the other person, with his prior written consent in   the prescribed form, who shall, in the event of the subscriber’s death or his incapacity to contract become the member of the company and the written consent of such person shall also be filed with the Registrar at the time of incorporation of the One Person Company. 
  1.  The words ‘‘One Person Company’’ shall be mentioned in brackets below the name of such company, wherever  its name is printed, affixed or engraved.

  2. In relation to One Person Company, the annual return shall be signed by the company secretary, or where there is no company secretary, by the director of the company.
  1. Clause 98 & Clause 100 to 111 relating to EGM & AGM are not applicable. Any business to be transacted otherwise at AGM by SR or OR can be transacted merely by recording the same in the minutes book, the intimation of which is to be given to the company, &, date of Minuting shall be the date of Meeting. 

  1.  If there is only One Director on the Board, then, the above method is to be followed for Resolution & Board Meeting also as is followed in case of AGM & EGM 
  1. The Financial Statements  shall be approved & signed by One Director before forwarding to the Auditors.
The Director Report also to be signed by One Director. It is important to note that      Financial Statements may not include Cash Flow Statement in case of OPC.
  1. Financial Statements to be filed by OPC with in 180 days from close of Financial Year.

  1. OPC to conduct at least one meeting of Board of Directors (if more than One Director, then to hold a meeting, otherwise, to minutise the working of the company) in each half of the Calendar Year & gap between Two Meeting to be not less than Ninety Days. However, Quorum under Clause 174 not to apply for Board Meeting where there is only one Director.