SDM Pvt. Ltd. is having paid up share capital of ₹ 45 Lakh and annual turnover of ₹ 185 Lakh. It is a wholly owned subsidiary of K Ltd. a listed company. Can SDM Pvt. Ltd. be called a Small Company as per the provisions

As per Section 2(85) of the Companies Act 2013, "Small Company" means a company, other than a public company, having- paid-up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than ten crore rupees; and turnover of which as per profit and loss account for the immediately preceding financial year does not exceed two crore rupees or such higher amount as may be prescribed which shall not be more than one hundred crore rupees: Provided that nothing in this clause shall apply to- (A) a holding company or a subsidiary company; (B) a company registered under section 8; or (C) a company or body corporate governed by any special Act. Rule 2(1)(t) of the Companies (Specification of Definitions Details) Rules, 2014, provides that 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 two crore and rupees twenty crore respectively. In the given case, SDM Pvt. Ltd. satisfies the turnover and paid up share capital criteria to be small company, but being a subsidiary of K Ltd (a listed), it falls under the exclusions to the definition and hence is not a small Company.