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
1 Replies
CS Mitesh Mehta
(Company Secretary)
(17139 Points)
Replied 31 December 2014
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
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