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Team Studycafe | Sep 16, 2022 | Views 5678

MCA amended Small Company Definition w.e.f. 15.09.2022

MCA amended Small Company Definition w.e.f. 15.09.2022

The Ministry of Corporate Affairs(MCA) has amended the Small Company Definition via issuing a Notification.

Small Company is now defined as, “It has been changed to paid up capital limit of 4 crores and turnover limit of upto 40 Crores.”

The Notification has provided, “In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Specification of Definition Details) Rules, 2014, namely:-

1. Short title and commencement.- (1) These rules may be called Companies (Specification of definition details) Amendment Rules, 2022.

(2) They shall come into force from the date of their publication of this notification in the Official Gazette.

2. In the Companies (Specification of definition details) Rules, 2014, in rule 2, in sub-rule (1), for clause (t), the following clause shall be substituted, namely:-

“(t) For the purposes of sub-clause (i) and sub-clause (ii) of clause (85) of section 2 of the Act, paid up capital and turnover of the small company shall not exceed rupees four crore and rupees forty crore respectively.”.

For Official Notification Download PDF Given Below:

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