CARO is applicable if ANY of the above is satisfied:
1) a private limited company with a paid-up capital and reserves not more than rupees fifty lakh;
2)does not have outstanding loan exceeding rupees twenty five lakhs from any bank or financial institution;
3) does not have a turnover exceeding rupees five crores at any point of time during the financial year.
MY QUERY is that suppose a company not satisfying condition no. 2 and 3 and in case of first condition if PAID UP CAPITAL + Reserves are less than 50 lacs say around 40 Lacs BUT if there is SHARE APPLICATION MONEY PENDING ALLOTMENT MORE THAN 10 LACS SAY 11 LACS , WILL CARO BE APPLICABLE ???
CAclubindia
