Official Notification

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“Small and Medium Sized Company” (SMC) means, a company-
 

a) Unlisted Company: Whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India;

b) Which is not a bank, financial institution or an insurance company;

c) Whose turnover (excluding other income) does not exceed 250 (two hundred and fifty) crore rupees in the immediately preceding accounting year;

d) which does not have borrowings (including public deposits) in excess of 50 (fifty) crore rupees at any time during the immediately preceding accounting year; and

e) which is not a holding or subsidiary company of a company which is not a SMC (small and medium-sized company.)

Explanation.- For the purposes of this clause, a company shall qualify as a Small and Medium Sized Company, if the conditions mentioned therein are satisfied as at the end of the relevant accounting period.

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