Can I get my company acquired by an individual? - 0 views
-
LegalWiz .In on 04 Jun 18Acquisition of a company is dealt by Companies Act, 2013, where aspects of assets and shares valuation and more are dealt with. Dealing with the question here, the answer is yes, the company can be acquired by an individual. However, if it is the case where only one person will acquire the company, it will be mandatory to convert the company into One Person Company. Therefore, a process of conversion must be looked into. For the purpose conversion into OPC, the company shall not exceed the turnover limit of INR Fifty Lakh or the paid-up capital shall not be more than INR Two Crore. In other case, the company can be acquired by more than one person in form of Private or Public company. The process and disclosures prescribed under the Act must be followed. For acquisition of listed company, The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, known as Takeover Code must also be referred for disclosure and procedural requirements.