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Team Studycafe | Feb 3, 2021 | Views 2298530

Budget 2021 Amendments for OPCs notified by MCA

Budget 2021 Amendments for OPCs notified by MCA

Ministry of Corporates Affairs notifies amendments for OPCs in Union Budget 2021 which was presented by the Finance Minister Nirmala Sitharaman.

1. Thresholds of Paid-up capital exceeding Rs 50 lakhs or turnover exceeding Rs 2 crores for Compulsory conversion into non-OPC Public/Private Company is removed.

2. Form INC-6 can now be used for both – conversion from Private/Public to OPC or OPC to Private/Public.

3. For conversion of a non-OPC to OPC, thresholds of Paid up capital Rs 50 lakhs or less and turnover of Rs 2 crores or less is removed. Irrespective of Capital/turnover, non-OPC can get itself converted into OPC.

4. Form INC-5 is omitted.

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