Dear All Please resolve the query: A company having paid up of 200000 and reserve of Rs 2 crores..As per section 2 Caro is not applicable on Small Companies but applicable on companies whose paid up capital and free reserves exceeds Rs 1 crore.. But since under the definition of small company only Paid up capital of rs 5000000 is covered. Should CARO be applicable on the company??
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Applicability of caro 2016
Replies (6)
Sir, not applicable.
Sir, not applicable.
ok..thanks..
Dear All,
I beg to deffer here, I agree that being a small company it gets exemption from CARO, 2016. However, as per sub clause (v) of clause 2 of the order, it gets covered in CARO, 2016, wherein three specific conditions for coverage has been mentioned.
I am open for a discussion here.
Exactly.. That is also my view. But I had discussed this thing with various CA's and company law experts, they are also of the view that CARO is not applicable on the same.
Not Applicable 100%
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