15 September 2009
One of my client (private limited company) had a paid up capital of Rs. 1 lakh at the begining of the year and is having paid up capital more than 50 lakh at the end of the year. Other conditions required by CARO regarding deposits, sales are not fulfilled. Whether CARO is applicable to the company. CARO does not define anywhere that the conditions should be fulfilled at the begining or end of the year. Please clarify.
CAclubindia
