(CA Inter)Jan 27/Sep26

17 Rajesh has formed a ‘One Person Company (OPC)’ with his wife Roopali as nominee. For the last two years his wife Roopali is suffering from terminal illness and due to this hard fact he wants to change her as nominee. He has a trusted and experienced friend Ramnivas who could be made nominee or his (Rajesh) son Rakshak who is of seventeen years of age. Whom should he nominate as nominee in place of his wife? (a) Since blood relation can only be appointed as nominee in case of OPC, Rajesh needs to appoint his son Rakshak. (b) Rajesh can appoint his friend Ramnivas as nominee in his OPC (c) Roopali is not agreeable to the proposal of Rajesh and hence, Rajesh cannot change her as the nominee (d) Mr. Ramnivas can be appointed as nominee

16 Today, it’s May 2023. Mr. Nilanjan Chattopadhyay a 24 years old Indian youngster, who returned back to India in January month of 2023 after completing his education in bio nutrient and willing to form an OPC; but not sure about the requirements or pre-conditions regarding eligibility. He read some articles on provisions related to OPC and concluded; (i) OPC can be formed by Indian Citizen only (ii) He can’t form OPC because in immediate previous year he was not resident in India Choose the correct option: (a) Both the conclusions are valid (b) None of the conclusion is valid (c) First conclusion is invalid (d) Second conclusion is invalid

15 The Best Dry Fruits Ltd was incorporated under the Companies Act, 1913. Whether the provisions of the Companies Act, 2013 shall apply on it: (a) No, the provisions of the Companies Act, 2013 shall not apply on it . (b) Yes, the provisions of the Companies Act, 2013 shall apply on it . (c) The Companies Act, 1913 was enacted by the British Government, hence only an Act made by British Government shall apply on such company. (d) Since, this company was incorporated by the British Government, hence the Companies Act of UK Govt shall apply.

13 L made an offer to MD of a company. MD accepted the offer though he had no authority to do so. Subsequently L withdrew the offer but the company ratified the MD’s acceptance. State which of the statement given hereunder is correct: (a) L was bound with the offer (b) An offer once accepted cannot be withdrawn (c) Both option (a) & (b) is correct (d) L is not bound to an offer

11 Abhilasha and Amrita have incorporated a ‘not for profit’ private limited company which is registered under Section 8 of the Companies Act, 2013. One of their friends has informed them that their company can be categorized as a ‘small company’ because as per the last profit and loss account for the year ending 31st March, 2019, its turnover was less than Rs. 2.00 crores and its paid up share capital was less than Rs. 50 Lacs. Advise. (a) A section 8 company, which meets the criteria of ‘turnover’ and ‘paid-up share capital’ in the last financial year, can avail the status of ‘small company’ only if it acquires at least 5% stake in another ‘small company’ within the immediately following financial year. (b) If the acquisition of minimum 5% stake in another ‘small company’ materializes in the second financial year (and notin the immediately following financial year) after meeting the criteria of ‘turnover’ and ‘paid-up share capital’ then with the written permission of concerned ROC, it can acquire the status of ‘small company’. (c) The status of ‘small company’ cannot be bestowed upon a ‘not for profit’ company which is registered under Section 8 of the Companies Act, 2013. (d) A section 8 company, if incorporated as a private limited company (and not as public limited company) can avail the status of ‘small company’ with the permission of concerned ROC, after it meets the criteria of ‘turnover’ and ‘paid-up share capital’

10 Food lovers Inc. was incorporated as a one person company (OPC) on 1st September 2015 with paid up share capital of Rs. 25 lacs. This OPC wants to convert itself into a private limited company during the year ending on 31st March 2017. But the provisions of the Companies Act, 2013 prohibits an OPC from doing so before the expiry of a specified period. From the following options in which situation this OPC will mandatorily be converted into a private/public company even before expiry of such period— a. After the expiry of two years from the date of its incorporation b. Paid up share capital of the company is increased beyond fifty lakh rupees c. The average annual turnover during the relevant period exceeds one crore rupees d. If the application is filed with the ROC within 90 days of its incorporation as OPC, to be converted into a Private Limited company

9 In Roopali Marketing Company Private Limited (Authorised capital 50,000 shares of Rs. 10 each and paidup share capital of Rs. 4,50,000), 1000 shares are jointly held by Abeer and Abheek; another 800 shares are jointly held by Seema and Srividya; and another 1200 are jointly held by Ramesh, Raksha and Rajneesh. Further, 42,000 shares are held by 193 individual persons in their individual capacity. Is it possible for the company to induct more persons? a) The company is unable to induct more persons since it already has two hundred individual members. b) The company can induct four more persons as members. c) The company can induct another 20 persons (i.e. 10% of two hundred individual members) after seeking permission from the concerned ROC. d) If the company does not want to seek permission of the concerned ROC, it can induct only 10 more persons (i.e. 5% of two hundred individual members).

8 Shruti, a common friend of Suchitra and Sukanya, got incorporated OPC sometime before and during a chit-chat with her friends informed them that there is some limit on the maximum capital which her OPC can have and she would have to convert her OPC either into a private or public limited company if such limit exceeded. Suchitra and Sukanya who are desirous of forming a private limited company for carrying on textile trading business, are unsure about the maximum capital which a private limited company can have. Advise. (a) A private limited company can have maximum of Rs. One crore as share capital. (b) A private limited company can have maximum of Rs. Two crores as share capital. (c) A private limited company can have maximum of Rs. Five crores as share capital. (d) A private limited company can have unlimited share capital.