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Reassessment of Liabilities

Under the new...

Question

Under the new Company Act, 2013, paid up share capital of a 'Small Company ' does not exceed _______________.

A

Rs. 100 lakh

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B

Rs. 50 Lakh

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C

Rs. 5 Crore

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D

Rs. 10 Crore

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Solution

The correct option is B Rs. 50 Lakh
As per section 2(85) of the companies act 2013 a small company is any company, other than a public company
(i) whose share capital is not more than Rs 50 lakhs or such higher amount as may be prescribed which shall not exceed Rs 5 crore or,
(ii) Turnover or which as per its last profit and loss account does not exceed 2 crore rupees or such higher amount as may be prescribed which shall not be more than Rs 20 crore.

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Q. Which of the following conditions are required to be fulfilled by private company in order to treat it as Small Company under Section 2(85) of the Companies Act, 2013?
(I) Paid up share capital does not exceed Rs 50 lakhs or such higher amount as may be prescribed which shall not be more than Rs 100 Crores.
(II) Its borrowing as per latest audited balance sheet does not exceed Rs 20 Crores or such higher amount as may be prescribed which shall not be more than Rs 50 Crores.
(III) Turnover as per its last profit & loss account does not exceed Rs 5 Crores or such higher amount as may be prescribed which shall not be more than Rs 100 Crores.
(IV) Paid up share capital does not exceed Rs 25 lakhs or such higher amount as may be prescribed which shall not be more than Rs 25 Crores.
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Q. According to the provisions of the 'Indian Companies Act, 2013' the limit of yearly remuneration payable to a managerial person of a company having the effective capital of Rs 25 crores, shall not exceed _____________.

Q. Appointment of Company Secretary is mandatory in -
(a) Every listed company
(b) Every unlisted private company having paid-up share capital of Rs.10 Crore or more
(c) Every public company having paid-up capital of Rs.5 Crore or more
(d) Every public company having turnover of Rs. 5 Crore or more
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Q. Appointment of Company Secretary in mandatory in__.
(a) Every listed company
(b) Every unlisted private company having paid-up share capital of Rs. 10 crore or more
(c) Every public company having paid-up capital of Rs. 5 crore or more
(d) Every public company having turnover of Rs. 5 crore or more

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Q. Which of the following companies are required to do secretarial audit as per Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014?
(I) Every public company having a borrowing of Rs. 100 crore or more
(II) Every public company having a paid-up share capital of Rs. 50 crore or more
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(IV) Every private company having a turnover of Rs. 150 crore or more

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