Hii All
If a PUBLIC company has turnover excedding 5 Cr and share application exceeding 50lacs den whether CARO 2004 is applicable
Please suggest it fast and if any1 having CARO report den pls mail me at ritesh14390 @ gmail.com
Ritesh Jain (d) (85 Points)
17 June 2011Hii All
If a PUBLIC company has turnover excedding 5 Cr and share application exceeding 50lacs den whether CARO 2004 is applicable
Please suggest it fast and if any1 having CARO report den pls mail me at ritesh14390 @ gmail.com
Arvind Sharma
(ACA)
(1432 Points)
Replied 17 June 2011
CARO shall apply to every company including a foreign company as defined in section 591 of the Act, except the following :-
- a Banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);
- an insurance company as defined in clause (21) of section 2 of the Act;
- a company licensed to operate under section 25 of the Act; and
- a private limited company with a paid-up capital and reserves not more than Rs. 50 lakh and does not have loan outstanding exceeding Rs. 25 lakhs from any bank or financial institution and does not have a turnover exceeding Rs. 5 crores at any point of time during the financial year\
Thus, in case of Public Company, CARO will apply in all case... :)
For CARO Reporting refer following link or find attached file :-
https://wirc-icai.org/WIRC_REFERENCER/Company%20Law/Caro%202003.htm
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