caro applicability

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Parag Khandelwal (Querist)
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07 July 2009 Is caro applicable to a private limited company which is a 100% sbsidiary of a foreign company if it satisfies all other conditions regarding its status as a private company mentioned in section 3 ?

Ashish Shah

Ashish Shah (Expert)
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24 July 2009 Keeping the other conditions unfulfiled, if only the Private Limited Co. is subsidiary of any Foreign Co. then CARO is not applicable.

Because CARO is applicable to private limited co. if its a subsidiary of public limited co. and forein co. is not a Company at all as per Companies act, as it is not incorporated in india. Hence it cant be public co.

If other conditions of Applicability of CARO is applicable then the same needs to be reported.

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