Section 7(1) in The Companies (Incorporation) Rules, 2014
(1)A private company other than a company registered under section 8 of the Act [having paid up share capital of fifty lakhs rupees or less and average annual turnover during the relevant period] [Substituted by Notification No. G.S.R. 349(E), dated 1.5.2015 (w.e.f. 31.3.2014).] is two crore rupees or less may convert itself into one person company by passing a special resolution in the general meeting.
