A Section 8 (not-for-profit) company meets the turnover and paid-up capital limits of a 'small company'. Can it claim that status?

1. Section 2(85) explicitly excludes Section 8 companies from being classified as 'small'. 2. The exclusion is statutory and not subject to ROC discretion. 3. Hence the correct answer is (C). _Source: ICAI BoS CA Inter Paper 2 — Preliminary_