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RAMESH KURALLA   18 May 2021

SECRETARIAL AUDIT - as per new amendment


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?

 3 Replies


Sourav (Student)     18 May 2021

Bank Guarantee may be included

RAMESH KURALLA   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?

Kala Purva

Kala Purva   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 it's not included

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