Which of the following statements are true in context of a company under Company Act, 2013? 1. The minimum capitals are necessary, both in case of private and public companies. 2. A public company can be converted into a private company by passing a special resolution. 3. A private company must alter its article by passing a special resolution to convert into public company.

The correct answer is: C. 1 and 3

A public company can be converted into a private company by passing a special resolution. A private company must alter its article by passing a special resolution to convert into public company.

The minimum capitals are not necessary for a private company. A private company can be formed with a minimum paid-up capital of one lakh rupees. However, a public company must have a minimum paid-up capital of five lakh rupees.

Option A is incorrect because the minimum capitals are not necessary for a private company.

Option B is incorrect because a private company cannot be converted into a public company by passing a special resolution. It must alter its article by passing a special resolution to convert into public company.

Option D is incorrect because the minimum capitals are not necessary for a private company and a private company cannot be converted into a public company by passing a special resolution.