Global Pen and Plastic Limited was incorporated on 01st August, 2017. The company wishes to acquire the Start-up status. The management approached a Practicing Company Secretary for the assignment. Prepare a Board Note g

To, The Board of Directors Global Pen and Plastic Limited Start-Up as defined vide Notification No. G.S.R. 127 (E), dated 19th February 2019 by DPIIT as: An entity shall be considered as a Start-up: Upto a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India. Turnover of the entity for any of the financial years since incorporation/registration has not exceeded ₹100 crore. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a 'Startup'. An entity shall cease to be a Startup on completion of ten years from the date of its incorporation/registration or if its turnover for any previous year exceeds one hundred crore rupees. In the given case, since the entity being a Public Limited Company hence cannot be treated as a Start Up. (Name) (Designation)