As we know by definition of a private company given in Co Act 1956 it cannot accept deposits from public.
Now while reporting under one of the clauses of CARO 2003 we have to mention whether the company under audit has accepted deposits from public. So how should I report on this should I write ""NOT APPLICABLE"
In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.
sir that's actually trobling me...You please clear my doubts...as I've seen many CAs reporting same as the second post to this query posted by @Mitesh. While I think I should write "Not applicable" how about you ?
24 September 2014
what mitesh have written is correct and that is more suiatable rather then not applicbale...since in report this topic is there then mitesh's suggestion is quiet suitable
CAclubindia
