As per New Guidelines by MCA, Few Changes notified for Small Companies are –
Small Companies need to organize 2 board meetings in a calendar year, i.e. one board meeting in each half of the calendar year.
In the case of a small company, the annual return can be signed by the secretary of the company alone or by a single director if there is no Company Secretary (CS).
A small company is excluded from the requirements of the change of auditor by rotation U/s 139(2).
In the audit report, a small company is not required to report on internal financial controls and the company’s operational performance.
Companies Act prescribes lesser penalties in the case of a Small Company.