Murthy, an Indian resident and citizen of India, has incorporated one person company under the Companies Act, 2013 at Mumbai with a paid up share capital of ₹ 40 lakh. During the financial year 2021-22, turnover of the c

The below mentioned provisions apply for board meetings, notice of Board Meetings, quorum and appointment of auditor and its return filing with ROC in case of One Person Company (OPC): Sl. No. Event Provisions/Compliances Particulars 1 Board Meeting Section 173 (5) & SS-1 Every One Person Company shall hold at least one meeting of the Board of Directors in each half of a calendar year and the gap between the two meetings shall not be less than 90 days. 2 Quorum Section 174 Section 174 relating to quorum shall not apply to One Person Company in which there is only one director on its Board of Directors. 3 Notice of Board Meeting Section 173 (3) & SS-1 A meeting of the Board shall be called by giving not less than 7 days' notice in writing to every director at his address registered with the company and such notice shall be sent by hand delivery or by post or by electronic means. However, meeting of the Board may be called at shorter notice to transact urgent business. 4 Appointment of Auditor Section 139(1) read with Rule 4(2) of the Companies (Audit and Auditors) Rules, 2014 Auditor shall be appointed for 5 years. The company shall inform the auditor concerned of his or its appointment, and also file a notice of such appointment with the Registrar within fifteen days of the meeting in which the auditor is appointed in E-Form ADT-1.