Definition of small company as per companies act 2013
This query is : Resolved
23 November 2015
Respected Professional,
With context to definition of small companies. as per Sec 2(85) of the companies act, 2013, kindly explain us the meaning of "last profit and loss account" as mentioned below in criteria (ii) :-
Small Companies means, company, other than a public company
(i) paid-up share capital of which does not exceed fifty lakh rupees (Rs 50 Lakhs ) or such higher amount as may be prescribed which shall not be more than five crore rupees; ( Rs 5 Crores) or
(ii) turnover of which as per its last profit and loss account does not exceed two crore rupees ( Rs 2 crore ) or such higher amount as may be prescribed which shall not be more than twenty crore rupees ( Rs 20 crores ).
With context to definition of small companies. as per Sec 2(85) of the companies act, 2013, kindly explain us the meaning of "last profit and loss account" as mentioned below in criteria (ii) :-
Small Companies means, company, other than a public company
(i) paid-up share capital of which does not exceed fifty lakh rupees (Rs 50 Lakhs ) or such higher amount as may be prescribed which shall not be more than five crore rupees; ( Rs 5 Crores) or
(ii) turnover of which as per its last profit and loss account does not exceed two crore rupees ( Rs 2 crore ) or such higher amount as may be prescribed which shall not be more than twenty crore rupees ( Rs 20 crores ).
23 November 2015
Last means, p & l for the year ended 31-03-2015.
Inference - the legislature has not used the word LAST YEAR.
Please note that the OR in between the two limbs is substituted with AND by the order of MCA dated 13-2-2015.
Inference - the legislature has not used the word LAST YEAR.
Please note that the OR in between the two limbs is substituted with AND by the order of MCA dated 13-2-2015.
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