New Delhi, Dec. 23 -- The Ministry of Corporate Affairs has notified amendments to the Companies (Specification of Definition Details) Rules, 2014, raising the financial thresholds for classification as a 'small company' under the Companies Act, 2013.

The amendment has been issued under Sections 469(1) and 469(2) of the Companies Act, 2013, and is aimed at expanding the scope of companies eligible for simplified compliance requirements.

Revised Financial Limits

Under the amended rules, the definition of a small company under Section 2(85) of the Act has been revised.

The company must be a Private Limited Company. The paid-up share capital threshold has been increased to not more than Rs 10 crore from the earlier limit of Rs 4 crore, w...