Applicability of CARO,2003

Ashish Kotecha (Partner) (93 Points)

15 July 2011  

CARO,2003 is not applicable in case of private company if it does not have  borrowing outstanding exceeding Rs.25 lacs from Banks/FIs. My query is as follows:

 

1.My client is pvt ltd. co. It is the second year of the company. In first year, CARO had been done by other auditor even in case of non-applicability. It takes loan from directors & its interested firms (not from banks/FIs) & outstanding at the year end Rs.34 lacs during the year.Therefore whether CARO is applicable in this case?

 

2.If CARO is not applicable in above case, then which ROC forms to be filed for annual filing? Whether AGM will be conducted?