Exemptions available to one person company – legal provisions.

An OPC Registration in Coimbatore has certain privileges and exemptions which are not available to private companies. Such exemptions are enlisted for your ready reference:

• Signatures on Annual Returns – Section 92 of the Companies Act,2013

It is provided in section 92 of The Companies Act, 2013, that the annual returns in the case of One Person Company shall be signed by the company secretary or where there is no company secretary, then by the director of the company.

• Holding Annual General Meetings – Section 122 of the Companies Act,2013
  Section 122(1) of The Companies Act,2013, provides that the provisions of S.98, S.100 to S.111(both inclusive) are not applicable to One Person Company Registration in Coimbatore. Therefore, provisions relating to General Meetings, Extra Ordinary General Meeting and Notice Convening to General Meeting are not applicable to One Person Company. However, for fulfilling the purposes of S.114 of the Companies Act,2013, where any business is required to be transacted at an Annual General Meeting, or other General Meeting of the company by means of an ordinary or special resolution, it shall be sufficient if the resolution is communicated by the member of the company and entered in the minutes book which is required to be maintained U/s 118 and signed and dated by the member and such date shall be deemed to be the date of meeting under the purposes of Companies Act,2013 http://www.companyregistrationincoimbatore.in.
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• Board Meetings and Directors – Section149, 152 & 173 of the Act
• OPC Registration in Coimbatore needs to have one director. It can have maximum of 15 directors which can also be increased by passing a special resolution as in case of any other company. For the purposes of holding board meetings, in case of a OPC Registration in Coimbatore which has only One director, it shall be sufficient compliance if all resolutions required to be passed by such a company at a board meeting are entered in a minute book – signed and dated by the member and such date shall be deemed to have the date of the board meeting for all the purposes under Companies Act, 2013.
• Signatures on Financial Statements - Section 134 and 137 of the Act.
  The OPC shall file with the RoC a copy of financial statements duly adopted by its members along with all the documents which are required to be attached to such financial statement, within 180 days from the closure of the financial year along with cash flow statements. The financial statement shall be signed by only one director and the annual return shall be signed by the company secretary and the director, and in case if there is no company secretary then only by the director.
• Contracts by One Person Company – Section 193 of the Act.
  The new Companies Act, 2013 gives special attention to the contracts which will be entered by OPC Registration in Coimbatore.

If the company fails to comply with the provisions as to providing the information to the RoC then it shall be liable for punishment of fine which will be not less than twenty thousand rupees and extend to one lakh rupees and the imprisonment for a term which may extend upto 6 months.