Dear Members, Greetings for the day!
If a company is having Paid up share capital of More than 1 crore, Borrowings and Turnover more than 1 crore and 10 crore but it is covered under section 2(85) "Small Company" , whether CARO 2020 will be applicable ?
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Applicability regarding CARO 2020
Replies (3)
Quick Summary
CARO 2020 is not applicable to a private limited company, not being a subsidiary or holding of a public company if all of the following conditions are satisfied:
- having a Paid-up capital & Reserves & Surplus not more than ₹1 Cr. as on the balance sheet date, and
- does not have total borrowings exceeding ₹1 Cr. from any bank or financial institution at any point of time during the financial year, and
- does not have a total revenue exceeding ₹10 Cr. during the financial year as per the financial statements.
Dear Sir,
Kindly update whether CARO 2020 is applicable on Holding and Subsidiary companies, where both the holding and subsidiary companies are Private Limited Companies and both holding and subsidiary companies are small companies.
Dear Member,
Kindly update whether CARO 2020 is applicable on Holding and Subsidiary companies, where both the holding and subsidiary companies are Private Limited Companies and both holding and subsidiary companies are small companies.
Regards
Rajat Pandya
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