Small company under section 2(85)

This query is : Resolved

Guest

Guest (Querist)

29 March 2016 Can Anyone Tell me to The Appropriate and "Direct"Source Of Info Where to Get The Exactly What Is The Right Definition.. of Small Company! it is seems There is an update in definition but When I looked At MCA site it still Showing Previous Wording.. enumerated like this (85) ??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 amount as may be prescribed which shall not be more than twenty crore rupees: please specify whether it is "And" Or "or"

CS Divesh Goyal

CS Divesh Goyal (Expert)
Follow

30 March 2016 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; [and]3
(ii) turnover of which as per its last profit and loss account does not exceed two crore
rupees or such higher amount as may be prescribed which shall not be more than
twenty crore rupees:
Provided that nothing in this clause shall apply to—
(A) a holding company or a subsidiary company;
(B) a company registered under section 8; or
(C) a company or body corporate governed by any special Act;

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok