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Rotation of Auditor applicability

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Transitional period of 3 yrs to be followed after commencement of Companies Act,2013 in case of rotation of auditors.
My query is this period is applicable in case of other companies if public borrowings from banks/financial institution or public deposits should be 50 cr or more.
Now my question is Will this borrowings will include short term and long term both or only long term.
Replies (3)

Rule 5 of Companies (Audit & Auditors) Rules 2014 uses the term "borrowings" without mentioning long term or short term.  Hence it will include both long term and short term borrowings.  

 

ok thank you
yes since it doesn't specify
it includes both long term and short term


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