"Small Companies can only opt for Fast Track Mergers" - Elucidate briefly for identifying small companies.

Section 233 of the Companies Act, 2013 has introduced the concept of fast track mergers. It exempted small companies and holding and subsidiary companies entering into merger arrangements from the regular merger procedure as stipulated under sections 230-232 of the Companies Act, 2013. Section 233 of the Companies Act, 2013 along with Rule 25 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 lay down the entire legal framework of fast track mergers. 'Small Company' under section 2(85) of the Companies Act, 2013 means a company, other than a public company - 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 of the Companies Act, 2013; or (c) a company or body corporate governed by any special Act.