CARO 2016 applicable for a producer company or not

As the name of the Company ends with Producer Company Limited it seems to be a Public Company but as per clause (5) of the section 581C of Companies Act, 1956, on registration the Producer Company shall become a body corporate as if it is a Private Company and shall not under any circumstances deemed to be a Public Company.

CARO, 2016 is applicable to Private Company other than a subsidiary or holding company of a public company having a paid-up capital and reserves and surplus not more than Rs. 1 Crore as on the balance sheet date and which does not have total borrowings exceeding Rs. 1 Crore from any bank or financial institution at any point of time during the financial year and which does not have a total revenue as disclosed in Scheduled III to the Companies Act (including revenue from discontinuing operations) exceeding Rs. 10 Crore during the financial year as per the financial statements.

Hence, if Paid Up Capital and Reserves and Surplus / total borrowings / total revenue exceeds the above specified limits, CARO, 2016 will be applicable.