Vide Section 2(85) of the Companies Act, 2013, a 'Small Company' is other than a public company with paid-up capital not exceeding Rs. 50 lacs or turnover not exceeding Rs. 2 Crores. Provided that the aforesaid shall not apply to, inter-alia, a company governed by any special act. Whether NBFC which is registered with RBI but has a paid-up capital of less than Rs. 50 lacs will be regarded as small company and the Companies Act, 2013 will apply accordingly?
2 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 17 June 2014
Yes, in my view it will be a small company only.
Pankaj jhunjhunwala
(CA)
(97 Points)
Replied 17 June 2014
I THINK,NBFC REGISTERED WITH RBI ACT IS NOT SMALL COMPANY AS IT IS GOVERENED BY SPECIAL ACT IE RBI ACT.CLAUSE OF SMALL COMPANY NOT APPICABLE TO COMPANY IS NOT APPLICABLE TO COMPANY WHICH IS GOVERNED BY SPECIAL ACT .
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