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V.S. Datey on Companies Act, 2013

    by MUKESH GOEL on Monday, October 07, 2019 at 05:09 PM

    Section 139(2) governs the rotation of Auditors. Rule 5 of Companies(Audit and Auditors Rules),2014 lists entities required to rotate the Auditors as prescribed.Clause (c) of Rule 5 includes Companies having Public borrowings from financial institutions, banks or public deposits of Rs. 50 crores or more. What is the meaning or relevance of the word 'Public Borrowing' instead of plain word 'Borrowing' used in the rule. Will borrowings from foreign banks like C C or OD limit be a public borrowing.

    Replied byV.S. Datey Monday, October 07, 2019 at 10:07 PM

    in my view all this is covered under 'borrowing'. probably by public borrowing then mean borrowings from directors or group companies may be ignored V S Datey

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