MCA vide its notification dated September 15, 2022 amends the Companies (Specification of definition details) Rules, 2014 and called it the Companies (Specification of definition details) Amendment Rules, 2022. In the Companies (Specification of definition details) Rules, 2014, in rule 2, in sub-rule (1), for clause (t), the following clause is substituted:

“(t) For the purposes of sub-clause (i) and sub-clause (ii) of clause (85) of section 2 of the Act, paid up capital and turnover of the small company shall not exceed rupees four crore and rupees forty crore respectively.”