Union Finance Minister Nirmala Sitharaman announced measures to ease norms on setting up one-person companies (OPCs).
Daily Current Affairs Quiz 2021
As the name suggests, a one-person company is a company that can be formed by just one person as a shareholder.
In India, the concept was introduced in the Companies Act of 2013. Its introduction was based on the suggestions of the J.J. Irani Committee Report on Company Law, which submitted its recommendations in 2005.
