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CARO applicability (Corporate Law)

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This query is : Open

( Author )
18 May 2009

When does a CARO is to given in cash of Public and private limited companies.

Jagruti (CS)

( Expert )
18 May 2009

Applicable to all Companies, except Banking, Insurance and Section 25
Companies. But in case of priavte co. it is applicable only if Private Companies :
a) Companies having a Net Worth of more
than Rs.50 Lakh (paid up & capital reserves)
b) Which have outstanding loan of
Rs.25 Lakhs or more, from any Bank or Financial Institution
c)Whose turnover is in excess of Rs.5 Crores.

parvinder singla

( Author )
19 May 2009

Thanks for the ans. Sir
Will u please tell me if the CARO applicable to a private limited co. having a net worth of Rs. 35 lakhs, Turnover exceeding Rs. 5 crores and loan from banks exceeding Rs. 25 Lakhs. Two of the ocnditions for the applicability of CARO are met and one condition regarding net worth is not met. Then CARO is applicable or not?????????



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