Apllicability Of CARO 2020
This query is : Resolved
Jay Prajapati
(Querist)
19 June 2022
If Public company which is closely held company so is Caro 2020 applicable ?
CA R SEETHARAMAN
(Expert)
20 June 2022
CARO 2020 not applicable if,
Private limited company, not being a subsidiary or holding of a public company,
having a Paid-up capital & Reserves & Surplus not more than ₹1 Cr. as on the balance sheet date, and
which does not have total borrowings exceeding ₹1 Cr. 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 Companies Act, 2013 (including revenue from discontinuing operations) exceeding ₹10 Cr. during the financial year as per the financial statements.
Private limited company, not being a subsidiary or holding of a public company,
having a Paid-up capital & Reserves & Surplus not more than ₹1 Cr. as on the balance sheet date, and
which does not have total borrowings exceeding ₹1 Cr. 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 Companies Act, 2013 (including revenue from discontinuing operations) exceeding ₹10 Cr. during the financial year as per the financial statements.
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