21 July 2010
I need to know as per CARO what is required to be mentioned in following clause
Whether the Company has defaulted in repayment of dues to a FI or Bank or Debentureholder.If yes the period and amount of default to be reported.
whether only default needs to be mentioned or even delay is also required to be mentioned.To the best of my knowledge and as per the language of CARO only default i.e.account has become NPA or delay beyond 90 days as per bank norm needs to be mentioned.Do you have any guidence note as issued by Institute
You need to mention the nature of default and the amount involved therein. Default in itself carries the whole story of default. The basic idea of reporting is to give proper information to the users of accounts. Hence Not only you need to report the category of accounts but also the time period upto which the defaults continues. Further you need to mention the steps that the Company has taken to made good the above default. If after the close of financial Year but before the date of Signing the report the defaults has made good than suitable disclosure should also be made in the notes to account and in caro too.
Can u tell me do we have to mention the delays also(meaning thereby the payments have been made but not on due date and as on the balancesheet date there is nothing overdue.
CAclubindia
