Is there any section which says that a Non Banking Financial Instutution registered for more than 5 years should not be having Accumilated Losses of more than 50% of its net worth.????
5 Replies
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 13 June 2011
i have not read about this. but wait for more replies i would also like to know
Aparna Raja K.C
(Student)
(520 Points)
Replied 13 June 2011
I read it in an Audit Report of NBFI......
Which said that the entity is registered for more than 5years and doesnt not have any accumilated losses of more than 50% of its net worth.
CA Mohit Thareja
(Assistant Manager-Accounts & Finance)
(1117 Points)
Replied 14 June 2011
i have also heard about it,i think it is in CARO,2004
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 14 June 2011
can u forward that Audit Report of NBFI....
to Us also....
Aparna Raja K.C
(Student)
(520 Points)
Replied 14 June 2011
True.. :) its from CARO... i searched further...
CARO Recommends certains clauses to be included in our Audit Report.. one of them is this...
which says that the co. does not have an accumilated losses of more than 50% of its net worth nor it have any cash loss..
Will try to get a copy of it :)
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