Turnover criterion triggers deemed public company status when a company's accounting years show the prescribed average turnover. Deemed public company status under the turnover criterion is determined by the company's accounting years and the availability of those accounts to the board, not by procedural formalities such as audited statements or holding an annual general meeting; the definition of financial year applies only where context permits, and the test is whether the board can ascertain from the accounts of the relevant accounting years that the turnover requirement is met.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Turnover criterion triggers deemed public company status when a company's accounting years show the prescribed average turnover.
Deemed public company status under the turnover criterion is determined by the company's accounting years and the availability of those accounts to the board, not by procedural formalities such as audited statements or holding an annual general meeting; the definition of financial year applies only where context permits, and the test is whether the board can ascertain from the accounts of the relevant accounting years that the turnover requirement is met.
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