Converting pvt ltd company into opc: procedures involved

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Learner

Digital Assistant

70 Points Posted on 29 March 2016

Hi,

I am a decision maker in a two-director pvt ltd co. I would like to know the procedure involved in converting this outfit into an OPC.

1. Willl my exiating DIN number do, or am I required to apply for a fresh DIN?

2. Post-this conversion, will I have to go for fresh CIN incorporation?

3. As an OPC, will I still be required to hire some auditor to attest the statutory reports? As of the current financial year, my turnover is quite low.

4. As an OPC, will I have to file returns through some C.S.? Or, willl self-certification be sufficient?

I look forward to guidance from the members of the forum.

Thanks in advance.

Replies (2)

CS Arjun Rajagopal

B.com ACS

1056 Points Posted on 30 March 2016

Hi Learner,

Answer to your Q.NO 1 is your existing DIN number is sufficient.

Answer to your O.NO.2 is yes you need to undetake the steps for conversion of private company into and OPC and on being satisfied, ROC will issue new certificate of incorporation for OPC containg new CIN.

Answer to your Q.NO.3 is as per Section 134(2) of the Companies Act, 2013 every company shall attach auditors' report to the financial statement. Therefore you are statutorily required to appoint CA as an auditor. Turnover is irrelevant here.

Answer to your Q.NO.4 is the annual return and balance sheet of OPC can be filed under the digital signature of director. Certification of annual return and balance sheet by professionals such as CA/CS/CMA is not required

Regards,

Arjun Rajagopal