What is the provision for CARO applicability?
Is any public company have less then Rs. 5 Crores turnover in a particular year then CARO will be applicable or not?
Is CARO mendatory for any Public Company?
Tks in advance
1 Replies
Amir
(Learner)
(4016 Points)
Replied 08 January 2010
Dear Jitender,
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
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