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??
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%
YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
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SSGS and Associates
Chennai
CA Inter
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Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Vardhaman Group of India
Pimpri Chinchwad
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Sri Aurobindo Gnostic Centre of Education
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CAclubindia
