CONVERSION OF OPC INTO PRIVATE OR PUBLIC COMPANY
1. Voluntary Conversion: An OPC can get itself converted into a private or public company after increasing the minimum number of members and directors to two or minimum of seven members and three directors as the case may be, and by maintaining the minimum paidup capital as per requirements of the New Act for such class of company and by making due compliance of section 18 of the New Act for conversion. 2. Mandatory Conversion: The Rules prescribe certain circumstances when an OPC will be mandatorily required to convert into a private or public company, if - the paid up share capital of an OPC exceeds 50 lakh rupees or- Its average annual turnover during immediately preceding
From pg 3 COMMUNITY SERVICE Water Filter: Water purifying unit was provided to Shri Siddharth Bandodkar Higher Secondary
School under the matching Grant # 79470 of the TRF of Rotary international , Rotary District 3170 in Partnership with Rotary Distrcit 4490, Brazil. The inauguration was done at the hands
3 consecutive financial years exceeds 2 crore rupees. 4. Such OPC shall be required to convert itself into either a private company or a public company in accordance with the provision of section 18 of the New Act a. Within 6 months of the date on which its paid up share capital is increased beyond 50 lakh rupees; or b. the last day of the period immediately preceding 3 consecutive financial years during which its average annual turnover exceeded 2 crore rupees; or c. the close of the financial year during which its balance sheet total exceeded 1 crore rupees, as the case may be TO CONCLUDE‌ OPC, promising but still is a half-baked concept, one shall have to adopt wait and watch strategy to conclude about success of OPC. As of now, OPC business model exists only on paper, not majority of the common people in India are aware of introduction of such business model. There is need to create mass awareness OPC can be one of the excellent vehicle which will surge to unleash the entrepreneurial capabilities within an individual. -6-
of our beloved IPP Rtn. Nilin and president Rtn Santosh. The water filter shall provide safe and pure drinking water for the students of Shri Siddharth Bandodkar Higher Secondary School, having a strength of over 500 students. House to Homeless: Rotarians have decided to sponsor in kind the house of one Mr. Camilo Lobo, residing at Punarvasan Colony, near Dodamarg Goa Boundary, the help in building his house would give a stable shelter to his family of 7 members. The following members Rtn. Vallabh Salkar, Rtn. Parish Khanolkar, Rtn. Milind Shirodkar, Rtn. Santosh Sawal and Rtn. Sagar Shetye have come forward and extended help in building and donating towards the house of Mr. Camilo Lobo.