I have a clarification, with reference to applicability of CARO 2004 for Private Limited companies, conditions for non-applicability:
1. paid up capital and reserves not more than Rs.50 Lacs and
2. which doesn’t have loan outstanding exceeding Rs.25 from any bank or Fin instn and
3. doesn’t have turnover of turnover of Rs.5 crores
at any point of time during the financial year,
Also I understand that in order to be exempted from applicability of the Order, all the conditions stated in the order must be satisfied simultaneously.
Now my question, how should I interpret the words "satisfied simultaneously",
for example, if a company satisfies paid up capital condition and satisfies turnover condition and DOESNT HAVE ANY LOANS from any banks or FI’s as on ANY DAY OF FINANCIAL YEAR, does this mean CARO 2004 is not applicable?
Please help me to understand.
thanks in advance for your help.