Small company is a concept introduced in the Companies Act 2013 and the definition of Small Company is provided under section 2 (85), which reads asbelow:
small company means a company, other than a public company
(i) Paid up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than five crore rupees; or
(ii) turnover of which as per its last profit and loss account does not exceed two crore rupees or such higher am
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