Maocaro
This query is : Resolved
09 September 2011
What are the conditions of Applicability of MAOCARO?
09 September 2011
It shall apply to every company
including a foreign company as
defined in section 591 of the Act,
except the following:-
(i) a Banking company as
defined in clause (c) of
section 5 of the Banking
Regulation Act, 1949 (10 of
1949);
(ii) an insurance company as
defined in clause (21) of
section 2 of the Act;
(iii) a company licensed to
operate under section 25 of
the Act; and
(iv) a private limited company
with a paid up capital and
reserves not more than fifty
lakh rupees and has not
accepted any public deposit
and does not have loan
outstanding ten lakh rupees
or more from any bank or
financial institution and does
not have a turnover
exceeding five crore rupees.
including a foreign company as
defined in section 591 of the Act,
except the following:-
(i) a Banking company as
defined in clause (c) of
section 5 of the Banking
Regulation Act, 1949 (10 of
1949);
(ii) an insurance company as
defined in clause (21) of
section 2 of the Act;
(iii) a company licensed to
operate under section 25 of
the Act; and
(iv) a private limited company
with a paid up capital and
reserves not more than fifty
lakh rupees and has not
accepted any public deposit
and does not have loan
outstanding ten lakh rupees
or more from any bank or
financial institution and does
not have a turnover
exceeding five crore rupees.
09 September 2011
Yes , the above are for CARO , 2003 . For MAOCaro , the limit condition does not exist . Refer below for actual text
It shall apply to every
company including a foreign
company as defined in section
591 of the Companies Act,
1956 (1 of 1956) which is
engaged or proposes to
engage in one or more of the
following activities namely:-
(i) Manufacturing, mining or
processing;
(ii) Supplying and rendering
services;
(iii) trading; and
(iv) the business of financing,
investment, chit fund,
nidhi or mutual benefit
societies.
(b) It shall not apply to
(i) a banking company as
defined in clause (c) of
section 5 of the Banking
Regulation Act, 1949 (10
of 1949);
(ii) an insurance company as
defined in section 2(21) of
the Companies Act, 1956
(1 of 1956); and
(iii) a company licensed to
operate under section 25
of the Companies Act,
1956 (1 of 1956).
It shall apply to every
company including a foreign
company as defined in section
591 of the Companies Act,
1956 (1 of 1956) which is
engaged or proposes to
engage in one or more of the
following activities namely:-
(i) Manufacturing, mining or
processing;
(ii) Supplying and rendering
services;
(iii) trading; and
(iv) the business of financing,
investment, chit fund,
nidhi or mutual benefit
societies.
(b) It shall not apply to
(i) a banking company as
defined in clause (c) of
section 5 of the Banking
Regulation Act, 1949 (10
of 1949);
(ii) an insurance company as
defined in section 2(21) of
the Companies Act, 1956
(1 of 1956); and
(iii) a company licensed to
operate under section 25
of the Companies Act,
1956 (1 of 1956).
09 September 2011
Is it that MAOCARO has been superseded by CARO?
if not, then can you please provide with the MAOCARO Questionnaire
Thankyou
if not, then can you please provide with the MAOCARO Questionnaire
Thankyou
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