if a pvt co is having paid up capital for rs 49,90,000 and reserve and surpluds(opening profit+cy profit) near about 16 l will caro will be applicable or not?
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Caro applicability
Replies (10)
Hi, Pls refer the following link for solution of your query...
/forum/applicability-of-caro-2004-for-private-limited-cos-9630.asp#.UmDIQSc2LFw
Hopefully it will solve your query....if not, revert here...
Regards
CARO came into force on 1-7-2003. It applies to all Companies, including foreign companies defined u/s.591 of the Companies Act (Act). It is, however, provided that this order shall not apply to follow-ing companies :
(i) A banking company
(ii) An insurance company
(iii) A company registered
u/s.25 of the Act
(iv) A private limited company which satisfies the following conditions :
(a) Its paid up capital and reserves do not exceed Rs.50 lacs;
(b) It has not accepted any public deposits;
(c) Its turnover does not exceed Rs.5 crores; and.
(d) Its outstanding loan from any bank or financial institution does not exceed Rs.10 lacs.
If any of the above conditions are not satisfied, the above order will apply to the private limited company.
So caro will not be applicable in your case.
Here in your case reserve and surplus
Are 16 l if I am not wrong it means 16 lakh and paid up capital of rs 4990000 , making a total of rs 6590000 , so caro will b applicable
Sorry bt has the amount of loan be amended to rs. 25 laks...??
@ sanjeev yes as per caro 2004 amended the limit for loan from bank and financial institution has been raised to 25 lakh
Thnks for solving my doubt... :)
Thank u for solving my this 1 doubt... :)
Is Sh application money is considered for aggregate value of Sh Capital and reserve and surplus
Is caro 2003 applicable after the applicability o f Ca 2013
can loan from fianancial institution include both secured and unsecured ? and can also include both short term and long term ?long term secured loan 12 lakh
long term unseured loan 5 lakh
short term secured 3 lakh
short term unsecured loan 10 lakh
CARO Applicable for prvt. company in above case ?
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