Small company
This query is : Resolved
CS Neha Singh
(Querist)
11 December 2018
One of our private companies.paid up capital is around 40,92,000 which is less than 50 lakhs and its previous year turnover is around 32 crore.so can we consider it as a small Company as per sectiom 2(85) and go for Fast track merger?
CS Mitesh Mehta
(Expert)
12 December 2018
On 13th Feb, 2015 MCA has amended the definition of ˜Small Company as a company (other than Public Company) whose paid up capital does not exceed Rs. 50 lacs and turnover as per last profit and loss account does not exceed Rs. 2 crores. In your case turnover is Rs. 32 crore hence your company is not small company.
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