Please confirm the below is correct or not:
As per Companies Rules, 2014 an OPC is compulsorily converts itself into Public or Private companies if :
a) where paid up share capital of OPC exceeds Rs. 50 lakhs.
or
b) where average annual turnover of OPC for past 3 financial years exceed Rs. 2 crores.
c) where balance sheet total exceeds Rs. 1 crore.
Please reply if there is any amendment.
there are 2 parameters for mandatory conversion of private company
1. when its paid up share capital exceeda 50 lakhs
2. average annual turnover of immediately preceding 3 fy exceeda 2 years..
CAclubindia
