23 May 2015
If one co.has paid up capital more than Rs.50 lakh but doesnt have any loan outstanding and turnover too is less than Rs.5 crores even then CARO 2015 would apply??????
In other words now all of the 3 conditions simultaneously to be present for applicability of CARO 15??????
23 May 2015
in my view it wont apply.. because for applicability of CARO 15 , all three conditions wil b fulfilled... because in each condition there is a word "AND" not "OR"
23 May 2015
Yes it would apply as 'AND' word is used in exceptions means if all the 3 conditions i.e. turnover less than 5 crore paid up capital less than 50 lakhs loan less than 25 lakhs
23 May 2015
Caro 2015 squarely apply to the said company because it has violated the ist limb of the exception clause viz., paid up capital exceeded Rs.50 lac.
CAclubindia
