Vinod formed a single person economic activity in the form of One Person Company with his brother Kishor as its nominee. On 10th May 2022, Kishor withdrew his consent as Nominee of the One Person Company. Can he do so? E

As per the proviso to Section 3 of the Companies Act, 2013, the memorandum of One Person Company (OPC) shall indicate the name of the other person (nominee), who shall, in the event of the subscriber's death or his incapacity to contract, become the member of company. The other person (nominee) whose name is given in the memorandum shall give his written prior consent in prescribed form and shall be filed with Registrar of Companies at the time of incorporation of the One Person Company along with its memorandum of Association and Articles of Association. Such other person (nominee) may withdraw his consent by giving a notice in writing to such sole member and to the One Person Company. Therefore, in terms of the above mentioned provisions, Kishor, the nominee, whose name was given in the memorandum, can withdraw his consent as a nominee of the OPC by giving a notice in writing to the sole member and to the One Person Company. Following are the answers to the second part of the question as regards the eligibility for being nominated as nominee: As per Rule 3(4) of the Companies (Incorporation) Rules, 2014, no minor shall become member or nominee of the OPC. Therefore, Shyam, being a minor is not eligible for being nominated as Nominee of the OPC. As per Rule 3(2) of the Companies (Incorporation) Rules, 2014, a natural person shall not be a member of more than a OPC at any point of time and the said person shall not be a nominee of more than a OPC. Therefore, Ashok, an Indian Citizen residing in India who is a member of OPC (not a nominee in any OPC) can be nominated as nominee.