Section 177(9) vigil mechanism

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Gaurav (Querist)
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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

CS Mitesh Mehta (Expert)
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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.

Gaurav

Gaurav (Querist)
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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"

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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23 March 2018 Yes Applicable to listed companies and

Applicable to unlisted company. if satisfied either of condition (a) or (b)

Gaurav

Gaurav (Querist)
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23 March 2018 but "and" is stated there sir

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