Small company under section 2(85)

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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)
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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;