Saturday, November 1, 2014

Meaning of Small Company under Companies Act 2013

Section 85 of the companies Act 2013 describes the meaning of Small Company and specifying the condition which will automatically convert the small company into other than small company. Meaning of a Small Company exclude public Limited company and include other company which fulfill below mentioned condition:-

  1. A Company Whether private Limited Company or Public Limited Company which has paid up share capital below Rs. 50 lakh or such Higher Paid up share capital as prescribed but not exceeding Rs. 5 crore or
  2. A company which has turnover as per last Profit & Loss A/c below Rs. 2 Crore and such higher Turnover as may prescribed and which do not exceed Rs. 20 crore as per last financial Statements.

There as some proviso of section 85 where provision of this section do not apply and which is as follows:-

  • A company which is either holding company or subsidiary of other company or
  • A Section 8 Company or
  • A company including body corporate which is being governed by any special Act

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