10 August 2010
hi frnds, i m little confused about applicability of CARO 2003 for pvt ltd co. please suggest me whether a pvt ltd co having share capital of 20 lakhs, loan from financial institution- 60 lakhs, turn-over of about 6 crore, is CARO 2003 applicable to the above mentioned co or not.
whether all the three condition required for pvt ltd co, required to be fulfilled simultaneously??????
10 August 2010
CARO is not applicable to a private limited company with a paid up capital and reserves not more than rupees fifty lakh and which does not have loan outstanding exceeding rupees twenty five lakh from any bank or financial institution and does not have a turnover exceeding rupees five crore at any point of time during the financial year
For CARO to not be applicable all the three conditions should be satisfied for its non applicability.
If one of the conditions satisfied then CARO applicable.
CAclubindia
