Now Small Company = Paid Up Capital Up To 50 Lacs +AND Turnover upto Rs. 2 crores (Earlier OR)
Removal of Difficulties Dated 13-02-2015
Ministry has come up with Order of Removal of Difficulties relating to Chapter I (Preliminary), Section 2(85) (Definition of “Small Company”) and Chapter XII (Meeting of Board and its Powers), Section 186(11)(b)(i)(Loan and Investment by Company), of Companies Act, 2013.
Removal of Difficulties w.r.t Section 2 (85) “Small Company”:
Now a Company needs to satisfy both the conditions i.e. paid up capital upto Rs. 50 lakhs AND Turnover upto Rs. 2 crores, to be classified as Small Company.
ordinary course of its business.