Deemed public company rules: private firms exceeding the turnover threshold convert to public status after a three year period. Private companies whose average annual turnover over the relevant period of three consecutive financial years equals or exceeds Rs. 5 crores will be covered by the Explanation to section 43A and shall become public companies by virtue of section 43(1A) upon expiry of three months from the last date of the third financial year of that relevant period.
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Deemed public company rules: private firms exceeding the turnover threshold convert to public status after a three year period.
Private companies whose average annual turnover over the relevant period of three consecutive financial years equals or exceeds Rs. 5 crores will be covered by the Explanation to section 43A and shall become public companies by virtue of section 43(1A) upon expiry of three months from the last date of the third financial year of that relevant period.
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