Definition of small company as per companies act 2013

This query is : Resolved

Puja Shah (Querist)
Follow

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 ).

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now