Question 2.5
XYZ a one person company was incorporated during the year 2019-20 with an authorised capital of Rs.195 lakhs (19.5 lakhs shares of Rs. 10 each). The capital was fully subscribed and paid up. Turnover of the company during 2020-21 and 2021-22 was Rs. 20 crores and Rs. 25 crores respectively. Promoter of the company seeks your advice in following circumstances, whether XYZ (OPC) can convert into any other kind of company during 2022-23. Please, advise with reference to relevant provisions of the Companies Act,2013 in the below mentioned circumstances:
(i) If promoter increases the paid up capital of the company by Rs. 10 lakhs during 2022-23
(ii) If turnover of the company during 2022-23 was Rs.30 crores. (Nov18,4Marks)
Question 2.6
Who shall be considered as promoter according to the definition given in the Companies Act, 2013? Explain. (4Marks, Nov-14)
Question 2.7
Define the term ‘Small Company’ as contained in the Companies Act, 2013.
(4marks, May-15)