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.
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?????????
CAclubindia
