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of <h1>Small company definition updated: higher capital and turnover thresholds under section 2(85) and rule 2(1)(t) notified</h1> The Central Government, exercising powers under section 469 of the Companies Act, 2013, amends the Companies (Specification of definition details) Rules, 2014, with effect from publication in the Official Gazette. The amendment substitutes clause (t) of rule 2(1) to revise the financial thresholds for classification as a 'small company' under section 2(85). A company will qualify as a small company if its paid-up share capital does not exceed Rs. 10 crores and its turnover does not exceed Rs. 100 crores. The notification is issued by the Ministry of Corporate Affairs.
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