hello,it says that OPC cannot convert voluntarily within 2 years, except the RULE 6 threshold limit,
my doubt is,in that threshold limit they say - AVERAGE ANNUAL TURNOVER during the relevant period : 2 crore..
wt does average annual turnover means?
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one person company
Replies (5)
Average Annual Turnover Means, Simple average of last preceding 3 FY exceeds 2 Crore Rs., Eg. X Opc incorptated on 1.4.16 ,Following were the turnover ( Gross Amount From Sale/ Service / Supply ) for
FY 16-17 - Rs. 2.2 crore
FY 17-18 - Rs. 2.1Crore
FY 18-19 - Rs. 2 .2Crore
so Average annual turnover of last preceding 3 fy exceeds (6.5/3) =2.17 Crores hence exceeding threshold and mandatory to convert into private.
FY 16-17 - Rs. 2.2 crore
FY 17-18 - Rs. 2.1Crore
FY 18-19 - Rs. 2 .2Crore
so Average annual turnover of last preceding 3 fy exceeds (6.5/3) =2.17 Crores hence exceeding threshold and mandatory to convert into private.
oh okay , by this , if first year turnover exceeds 2 cr,then he need not to convert right??
Ya, As per language of law it clear that turnover in last preceding 3 FY, because it talks about mandatory conversion....
However for voluntry conversion 2 Yrs time period is required, unless otherwise paid up equity increases to 50 Lacs within 2 Yrs.
However for voluntry conversion 2 Yrs time period is required, unless otherwise paid up equity increases to 50 Lacs within 2 Yrs.
oh fine now got it clearly sir,THANKS A LOT🙏
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