If a Private Ltd. Company accepts unsecured loan from other than directors or shareholders, can it be considered as Public Deposits and accordingly Caro is applicable or not.
Please immediate reply, urgent
If a Private Ltd. Company accepts unsecured loan from other than directors or shareholders, can it be considered as Public Deposits and accordingly Caro is applicable or not.
Please immediate reply, urgent
The Pvt. Ltd. Companies cannot legally raise public deposits and hence the clause has been omitted vide CARO (Amendment), 2004
Accordingly a private limited company with a paid up capital and reserves not more than rupees fifty lakh and which does not have loan outstanding exceeding rupees twenty five lakh from any bank or financial institution and does not have a turnover exceeding rupees five crore at any point of time during the financial year are exempted from CARO
YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
View Details
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
CAclubindia
