One Person Company Annual Compliance: Compliance with the Companies Act, 2013

Section 173(5) of the Companies Act, 2013 requires that a One Person Company must conduct at least one board meeting (BM) in each half of the calendar year. This simply means that one meeting is obligatory to be conducted between the period from January to June and another meeting between the period from July to December. Further, the time gap between two board meetings must not be less than the period of 90 days. However, if in case the company has only one director then in that case such meeting requirement does not arise at all.

Further, an OPC is mandated to hold its Annual General Meeting (AGM) as provided under section 139 (1) of the Companies Act, 2013 to appoint a Statutory Auditor. Furthermore, such an auditor must hold the office from the conclusion of the first AGM (Annual General Meeting) to the conclusion of the sixth Annual General Meeting.