a private company having paid up capital of 50 lakh or turnover upto 2 crore may convert itself into opc...
what if paid up is less than 50 lakh but turnover is beyond 2 crores , can a private company still convert itself into opc ?
As per Rule 7 of the Act, in order to convert Pvt company to OPC, its paid up share capital should be 50 lakhs or less AND it's average annual turnover during the relevant period is 2 crores or less.
In the above provision, it is "AND" condition. Accordingly, to convert Pvt company to OPC, both the above conditions should be satisfied.
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