Caro 2015 applicability

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CA Parul Saxena (Querist)
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23 May 2015 If one co.has paid up capital more than Rs.50 lakh but doesnt have any loan outstanding and turnover too is less than Rs.5 crores even then CARO 2015 would apply??????

In other words now all of the 3 conditions simultaneously to be present for applicability of CARO 15??????

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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23 May 2015 in my view it wont apply.. because for applicability of CARO 15 , all three conditions wil b fulfilled... because in each condition there is a word "AND" not "OR"

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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23 May 2015 Stil wait for some more expert comments

https://yourfinancebook.com/caro-2015-applicability-of-companies-auditors-report-order-2015/

CA Parul Saxena

CA Parul Saxena (Querist)
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23 May 2015 Yes it would apply as 'AND' word is used in exceptions means if all the 3 conditions i.e.
turnover less than 5 crore
paid up capital less than 50 lakhs
loan less than 25 lakhs

then only it would not apply.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 May 2015 Caro 2015 squarely apply to the said company because it has violated the ist limb of the exception clause viz., paid up capital exceeded Rs.50 lac.