The Companies Second Amendment Act 2020 finally promulgated in 22nd November 2020. The new amendment allowed opening of OPC(One person company). The OPC need to ensure minimum paid up capital requirements. Depending on Turnover OPC can also be converted to LTD and PLC. The words LTD and PLC  for private limited and public limited companies respective required to be used with the names of the Company.

OPC is required to have a nominee and most provisions of companies act on transfer of shares, auditing etc will apply subject to required variations.

The new amendment introduced the provision of Information and Communication Technology Act 2006 with regard to digital signature and meetings etc.

Please find the relevant statute below:

Company Amendment 2nd 2020 Act