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Section 3:- Formation of company

Requirement:-

• Public Company:- 7or more persons

• Private company:- 2 or more persons

• OPC, (Being Pvt Co.):- 1 person

✓ Private Company

• A Company which restricts right to transfer shares

• Limits the no. Of members to 200 (Except in case of OPC)

•Prohibits Invitation to public, to subscribe shares

✓ Public Company

• A Company which is not a Pvt. company

• Has Min Paid up share capital as may be prescribed.

• A Pvt. Company which is subsidiary of a Public Company 

✓OPC

• An OPC is incorporated with Two persons one is subscriber and another being Nominee.

• A nominee appointed in OPC as per the Memorandum becomes member of the OPC In case of Death or Incapacity of subscriber.

• only a natural person is eligible to incorporate OPC and be Nominee.

• A Natural Person Shall not be a member of more than a OPC  at any point of time, and the said member shall not be a nominee of more than a OPC.

• No minor shall become a Nominee of OPC. • OPC can not be converted into Section 8 Company.

• OPC Can not carry out Non- Banking Financial Investment Activities

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By:- CS Saheb Dumbwani

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