CARO 2020 is applicable to a foreign company.
foreign company” means any company or body corporate incorporated outside India which,—
(a) has a place of business in India whether by itself or through an agent, physically or through electronic mode; and
(b) conducts any business activity in India in any other manner.
whether this definition includes a private limited company which is a wholly owned subsidiary of a foreign company
Otherwise, in this case, CARO will not be applicable to that Private ltd company since it is not a subsidiary company of public company and paid up capital and borrowings less than 1 cr and turnover doesn't exceed 10 cr.
kindly clarify my query?
CAclubindia
