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CARO 2016


Hiten (CA)     18 March 2017

Hiten
CA 
 7 likes  275 points

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whether their is any reporting responsibility of auditors under caro 16 for company's failure to repay public deposit?

avater

Jatin Bajaj (CS)     20 March 2017

Jatin Bajaj
CS 
 222 likes  2768 points

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YES AS PER CARO AUDIT REPORT 2016 , THE AUDITOR HAS TO STATE IN ITS AUDIT REPORT THAT WEATHER THE COMPANY WHICH HAS ACCEPTED THE DEPOSITS HAVE COMPLIED WITH THE GUIDLINESS AS STATED IN SECTION 73 TO 76 AND IF NOT THEN OF CONTRAVENTION TO BE STATED AND WEATHER THE  ORDER OF NCLT HAS BEEN COMPLED OR NOT . IF THE PRINCIPAL AMOUNT OR INTREST IS OVERDUE FOR MORE THAN 90 DAYS , THEN THE REASONS FOR SUCH OVERDUE SHALL BE STATED IN THE CARO Report. ALL THE DETAILS RELATING TO ACCEPTANCE AND PAYMENT OF DEPOSITS SHALL BE INCLUDED IN THE AUDIT REPORT.


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