One Person Company (OPC) under Companies Act 2013

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What is the minimum paid up share capital requirement for an OPC as per the Companies Act, 2013?

Rs. 1 lakh

Rs. 10 lakh

No limit prescribed (correct)

Rs. 5 lakh

Who can be eligible to incorporate a One Person Company (OPC)?

Only Indian residents

Only Indian citizens

Only natural persons who are Indian citizens and have stayed in India for at least 120 days (correct)

Any person, regardless of citizenship or residency

What is the requirement for the person whose name is mentioned in the memorandum of an OPC?

They must be a resident of the same state as the OPC

They must have a minimum of 10 years of experience

They must give their prior written consent in a prescribed form (correct)

They must be a relative of the subscriber

What happens if the subscriber of an OPC becomes incapacitated or dies?

The person mentioned in the memorandum becomes the member of the company Signup and view all the answers

Can the member of an OPC change the name of the person mentioned in the memorandum?

Yes, by giving notice to the company and the company shall intimate the same to the Registrar Signup and view all the answers

What is the significance of the memorandum of an OPC?

It indicates the name of the other person who becomes the member in the event of the subscriber's death or incapacity Signup and view all the answers

What is a condition for a company to be considered a subsidiary of another company?

Holding more than 50% of the share capital Signup and view all the answers

What is the status of a private company that is a subsidiary of a public company?

It becomes a public company Signup and view all the answers

What is an example of a situation where a company is a subsidiary of another company?

When one company can appoint or remove a majority of directors of another company Signup and view all the answers

What is the relationship between companies B and C in the following scenario: B is a subsidiary of A and C is a subsidiary of B?

C is a subsidiary of A Signup and view all the answers

What is an associate company in relation to another company?

A company in which the other company has a significant influence Signup and view all the answers

Why is a private company that is a subsidiary of a public company deemed to be a public company?

Because it is governed by the provisions of the Companies Act, 2013 Signup and view all the answers

What is a characteristic of a Section 8 company?

It does not need to use the word Ltd./Pvt.Ltd. in its name. Signup and view all the answers

What happens if a Section 8 company contravenes the conditions of its licence?

The Central Government may direct the company to convert its status and change its name. Signup and view all the answers

What is a unique feature of a Section 8 company's general meeting?

It can be called by giving a 14-day notice. Signup and view all the answers

Which type of company is exempt from constituting a Nomination and Remuneration Committee?

Section 8 company Signup and view all the answers

What can be a member of a Section 8 company?

A partnership firm Signup and view all the answers

What is a dormant company as per the Companies Act, 2013?

A company that is formed for a future project. Signup and view all the answers

What are examples of Section 8 companies?

FICCI, ASSOCHAM, National Sports Club of India, CII etc. Signup and view all the answers

Under which section can the Central Government register a company with limited liability without the addition of words ‘Limited’ or ‘Private limited’ to its name?

Section 8 Signup and view all the answers

What is the consequence of revocation of license of a Section 8 company?

The Registrar shall put ‘Limited’ or ‘Private Limited’ against the company’s name in the register Signup and view all the answers

Who can revoke the license of a Section 8 company?

The Central Government Signup and view all the answers

What is the condition before revoking the license of a Section 8 company?

The company must be given a written notice of its intention to revoke the licence and opportunity to be heard Signup and view all the answers

Under which circumstances can the Central Government revoke the license of a Section 8 company?

If the company contravenes any of the requirements or the conditions of this section subject to which a licence is issued Signup and view all the answers

What is the primary legislation under which the Life Insurance Corporation of India was established?

The Life Insurance Corporation Act, 1956 Signup and view all the answers

What is the minimum percentage of paid-up share capital required to be held or controlled by the Central Government or any State Government for an institution to be notified as a PFI?

Fifty-one per cent Signup and view all the answers

Which of the following institutions is not specified as a PFI under the Companies Act, 2013?

Reserve Bank of India Signup and view all the answers