Applicability of caro report

This query is : Resolved 

28 August 2013

28th August 2013

Dear Members

XYZ is a Private Limited. The company has not availed any loans from bank or financial institutions. The company does not have any income / revenue for the past few years. The paid up capital is Rs.55.00 lacs. Debit balance (loss) in profit & loss account is about Rs.1.10 crores.

My query is whether CARO Report is applicable to this company. This is due to the fact that in view of the debit balance in P&L the entire capital has been eroded.

with regards


B.Chackrapani Warrier (Expert)
28 August 2013

Caro,2003 is not applicable to the said company.

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