Applicability of caro on public co.
This query is : Resolved
02 October 2013
Will provisions of CARO apply on every non listed public co.
or
there are certain exceptions
or
there are certain specific conditions for its applicability?
Please reply.
or
there are certain exceptions
or
there are certain specific conditions for its applicability?
Please reply.
05 October 2013
As per Companies (Auditor's Report) Order, 2003 (CARO).
It applies to all Companies, including foreign companies defined u/s.591 of the Companies Act (Act). It is, however, provided that this order shall not apply to follow-ing companies :
(i) A banking company
(ii) An insurance company
(iii) A company registered
u/s.25 of the Act
(iv) A private limited company which satisfies the following conditions :
(a) Its paid up capital and reserves do not exceed Rs.50 lacs;
(b) Its turnover does not exceed Rs.5 crores; and
(c) Its outstanding loan from any bank or financial institution does not exceed Rs.25 lacs.
If any of the above conditions are not satisfied, the above order will apply to the private limited company.
It applies to all Companies, including foreign companies defined u/s.591 of the Companies Act (Act). It is, however, provided that this order shall not apply to follow-ing companies :
(i) A banking company
(ii) An insurance company
(iii) A company registered
u/s.25 of the Act
(iv) A private limited company which satisfies the following conditions :
(a) Its paid up capital and reserves do not exceed Rs.50 lacs;
(b) Its turnover does not exceed Rs.5 crores; and
(c) Its outstanding loan from any bank or financial institution does not exceed Rs.25 lacs.
If any of the above conditions are not satisfied, the above order will apply to the private limited company.
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06 October 2013
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