07 August 2014
1. The annual return of a Small Company can be signed by the company secretary alone, or where there is no company secretary, by a single director of the company.
2. A small company may hold only two board meetings in a year, i.e. one Board Meeting in each half of the calender year with a minimum gap of ninety days between the two meetings.
3. A small company need not include Cash Flow Statement as part of its financial statement.
4. Provision regarding mandatory rotation of auditor/maximum term of auditor being 5 years in case of an individual and 10 years in case of a firm of auditors is not applicable to an OPC.
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