One Person Company or OPC is a separate legal entity registered with the registrar of companies. Most important feature of an OPC is that it’s formed by only one person as a member and in which member and director can be the same person.
One Person Company can be registered only as a private limited company in which the name OPC must be used within the bracket.
In this article, we will be discussing provisions as per companies act 2013 related to the board meeting as applicable to a One Person Company and how the provisions are different for a private limited company.
Board meeting for One Person Company Vs Private Limited
First board meeting in the case of a private limited company is to be conducted within 30days from the date of incorporation. A similar provision is also applicable to One Person Company. This means the OPC is also required to conduct its first board meeting within 30 days from the date of incorporation.
However, an OPC is not required to conduct any board meeting if it has only one director.
Generally, in the first board meeting, a One Person Company is required to appoint its first auditor, open a bank account and transact other important things to carry on its business after incorporation.
There after the private limited company is required to compulsorily conduct four board meetings in a calendar year. However, in the case of a One Person Company, the requirement is to conduct at least one meeting of the board of directors in each half of a calendar year and the gap between these two meetings is not less than 90 days.
Each and every director of the private limited company should get a notice of not less than 7 days for each board meeting separately. Notice can be sent by hand delivery or by post or by electronic mode to every director in India and abroad.
