Section 177(9) vigil mechanism
This query is : Resolved
22 March 2018
Whether section 177(9) Vigil Mechanism applicable on unlisted public company having borrowing from bank more than 50 cr. ??? Reply Please.
CS Mitesh Mehta
(Expert)
23 March 2018
Yes
Subsections (9), (10) of section 177 of the Act read with rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 provide that every listed company and the companies belonging to the following
class or classes shall establish a vigil mechanism for their directors and employees to report their genuine concerns or grievances-
(a) the Companies which accept deposits from the public;
(b) the Companies which have borrowed money from banks and public financial institutions in excess of fifty crore rupees.
Subsections (9), (10) of section 177 of the Act read with rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 provide that every listed company and the companies belonging to the following
class or classes shall establish a vigil mechanism for their directors and employees to report their genuine concerns or grievances-
(a) the Companies which accept deposits from the public;
(b) the Companies which have borrowed money from banks and public financial institutions in excess of fifty crore rupees.
23 March 2018
applicable to unlisted co.? whether both conditions to be satisfied i.e. 1) Listed company and
2) borrowing exceeds 50 cr.
I 'm confused because of "and" "or"
2) borrowing exceeds 50 cr.
I 'm confused because of "and" "or"
CS Mitesh Mehta
(Expert)
23 March 2018
Yes Applicable to listed companies and
Applicable to unlisted company. if satisfied either of condition (a) or (b)
Applicable to unlisted company. if satisfied either of condition (a) or (b)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
