According to rule4of the companies(apnt and qualifcat) rules,, following class or classes of comp. shal have atleast 2 dir as independent dir.
1.public company having paid up cap 10cr or more
2.public comp having T.O of 100cr or more
3.Public comp. in aggrte o/s loans,debentures and deposits exceed 50 cr or more
how ever , where a company ceases to fulfill any of three conditions laid down above for three consecutive years,it shall not be required to comply with these provision untill such time as it meets any of such conditions.
can any please explain me about this how ever condition say any of above three while rule say follow if any of three apply.
CAclubindia
