04 July 2012
The provisions of CARO 2003 are applicable to all companies excepting:
(a) Banking Companies (b) Insurance Companies (c) Companies licensed to operate u/s 25 of the Companies Act (non profit objective Companies for promotion of art, charitable purpose etc) (d) Private Ltd Companies with a paid up Capital and reserves of not more than Rs. 50 lakhs, which has not accepted public deposit and does not have outstanding loan exceeding Rs. 25 lakhs or more from any bank or financial institution and does not have turnover exceeding Rs. Five crores.
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CA Mayank Chopra Mob: +91 971777-5548 Email: ca.mayankchopra @ gmail.com
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