Please Help: CARO,2003 Applicability
Posted Date : 15-Jul-2011 , 01:39:50 pm | Posted By Ashish Kotecha
CARO is not applicable in case of Pvt. Company which is not having borrowing exceeding rs.25lacs from Bank or FIs. If pvt. company takes loan more than Rs.25 lacs from directors & firms having directors interest,then whether CARO is applicable? (Assume it satisfies all other Criterion of non-applicability)
Category : Corporate Law | Answers : 1 | Comments : 1 | Hits : 1949
Answers
Answer By: CA VIKAS JAIN
caro is not applicable in case of borrowing from directors or other unsecured borrowing exceeds 25lacs.
Comments
CA VIPIN GARG
16-Jul-2011 , 09:46:16 amCaro will not be applicable in the aforesaid case provided the firm in which directors are interested must not be the FIs.