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.
Select the correct the answer from the options given below-
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.
Select the correct the answer from the options given below-
The correct option is B (I) & (III) only
Small company as per section 2 (85) of the act means a company, other than a public company 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 ten crore rupees; or 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 hundred crore rupees.
Small company as per section 2 (85) of the act means a company, other than a public company 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 ten crore rupees; or 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 hundred crore rupees.
