Caro 2016

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2016 HELLO EXPERTS;

ONE OF MY CLIENT HAS TAKEN LOAN FROM FINANCIAL INSITUTE OF AMOUNT MORE THAN 1 CRORE AND HAS PAID UP CAPITAL AND RESERVES OF MORE THAN 1 CRORE. HOWEVER TURNOVER IS BELOW Rs.12 LACS.

AS PER CARO 2016 THE WORD AND IS USED BETWEEN ALL THE THREE CONDITIONS

MY QUERY IS THAT ,
1) WHETHER CARO 2016 IS APPLICABLE TO MY CLIENT. ....?
2) WHETHER ALL THE CONDITIONS ARE INDEPENDENT OR CUMULATIVE. ....?

WORDING USED IN CARO 2016;
a private limited company, not being a subsidiary or
holding company of a public company, having a paidup
capital and reserves and surplus not more than
rupees one crore as on the balance sheet date AND
which does not have total borrowings exceeding
rupees one crore from any bank or financial institution
at any point of time during the financial year AND which
does not have a total revenue as disclosed in Schedule
III to the Act, (including revenue from discontinuing
operations) exceeding rupees ten crores during the
financial year as per the financial statements.

THANKS IN ADVANCE

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 September 2016 1. Caro,2016 is applicable.

2. Cumulative.

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2016 thanks You Sir for Prompt reply

Sir as you are saying the conditions are cumulative than it will not be applicable as all the three conditions are not satisfied. i.e. turnover is below Rs.10 crore.

thanks