Can Anyone Please Tell Me ..That If a Private Company having share capital of rs 1.crore and Reserves and surplus Showing a negitive of Rs.2 crore then in this case Caro is applicable?
please reply as soon as possible.
1 Replies
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 29 September 2013
CARO shall not apply to follow-ing companies :
(i) A banking company
(ii) An insurance company
(iii) A company registered
u/s.25 of the Act
(iv) A private limited company which satisfies the following conditions :
(a) Its paid up capital and reserves do not exceed Rs.50 lacs;
(b) It has not accepted any public deposits;
(c) Its turnover does not exceed Rs.5 crores; and
(d) Its outstanding loan from any bank or financial institution does not exceed Rs.25 lacs.
I think your company couldn't satisfy the conditions...
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