Shall apply to every company including a foreign company except
(i) a banking company
(ii) an insurance company
(iii) a company licensed to operate under section 8 of the Companies Act
(iv) a One Person Company and a small company
(v) a private limited company, not being a subsidiary or holding company of a public company, having a paid up capital and reserves and surplus not more than one crore rupees as on the balance sheet date and which does not have total borrowings exceeding one crore rupees from any bank or financial institution at any point of time during the financial year and which does not have a total revenue (including revenue from discontinuing operations) exceeding ten crore rupees during the financial year as per the financial statements.
