CARO applicability to pvt.companies

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R.S.Vishnu Kumar (Querist)
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25 November 2009 I know there are three conditions spelt out in CARO, satisfaction of which will exempt the CARO applicability to pvt.companies. But my query is that all the conditions are to be satisfied or even one or some conditions satisfied is enough for exemption?

for example if a pvt company has more than 50lakhs paid up capital and reserves, has more than 25 lakhs loans from banks but has less than 5 crores of turnover. Now for this company will CARO is applicable? From my view CARO is not applicable as turnover is less than 5 crores. But i am not sure of my answer.

Please any body clarify my query?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 November 2009 All the conditions are to be satisfied to get exemption. In other words for the given example CARO is applicable.

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