SECRETARIAL AUDIT - as per new amendment

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3 Points Posted on 18 May 2021

sir

For the purpose of Secretarial Audit of Private companies as per new amendment one of the condition is

  • Every Company having outstanding loans or borrowings from banks or public financial institutions of Rs. 100 crore or more.


My query is Whether the borrowings include Bank guarantees?

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On 18 May 2021 at 10:23 Report
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Chartered Accountant
24588 Points Posted on 18 May 2021
Bank Guarantee may be included
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On 18 May 2021 at 10:46
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3 Points Posted on 20 May 2021

But - BG is Contingent Liability and shown only in Notes to the Accounts. 

In this scenario, is there any logic or provision regarding considering it as borrowing?

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On 20 May 2021 at 11:50
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63 Points Posted on 12 August 2021
A bank guarantee is a promise from a lending institution that ensures the bank will step up if a debtor can't cover a debt....so it's not included
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On 12 August 2021 at 05:10

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