Companies (Incorporation) Second Amendment Rules, 2021 | Budget 2021

The Company act has made the amendment in schedule V of companies Act 2013 regarding the maximum limit in Director Remuneration vide notification dated 18/03/2021 as follows

MCA has notified the Amendments as announced in the Budget 2021, for OPCs. As per the Amendments introduced:

1. Thresholds of Paid-up capital exceeding Rs 50 lakhs or turnover exceeding Rs 2 crores for Compulsory conversion into non-OPC Public/Private Company is removed.
2. Form INC-6 can now be used for both – conversion from Private/Public to OPC or OPC to Private/Public.
3. For conversion of a non-OPC to OPC, thresholds of Paid up capital Rs 50 lakhs or less and turnover of Rs 2 crores or less is removed. Irrespective of Capital/turnover, non-OPC can get itself converted into OPC.
4. Form INC-5 is omitted.

🔗Notified copy of Rules available at:

Click to access 224872.pdf

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