09 September 2011
It shall apply to every company including a foreign company as defined in section 591 of the Act, except the following:-
(i) a Banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (ii) an insurance company as defined in clause (21) of section 2 of the Act; (iii) a company licensed to operate under section 25 of the Act; and (iv) a private limited company with a paid up capital and reserves not more than fifty lakh rupees and has not accepted any public deposit and does not have loan outstanding ten lakh rupees or more from any bank or financial institution and does not have a turnover exceeding five crore rupees.
09 September 2011
Yes , the above are for CARO , 2003 . For MAOCaro , the limit condition does not exist . Refer below for actual text
It shall apply to every company including a foreign company as defined in section 591 of the Companies Act, 1956 (1 of 1956) which is engaged or proposes to engage in one or more of the following activities namely:-
(i) Manufacturing, mining or processing; (ii) Supplying and rendering services; (iii) trading; and (iv) the business of financing, investment, chit fund, nidhi or mutual benefit societies.
(b) It shall not apply to
(i) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (ii) an insurance company as defined in section 2(21) of the Companies Act, 1956 (1 of 1956); and (iii) a company licensed to operate under section 25 of the Companies Act, 1956 (1 of 1956).
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