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Section 139 (2) of the companies act 2013
I am working with Pvt. Ltd. Company. Our Sanctioned Limit of Borrowing (including Term Loan, Bank Guarantee, PCFC/FCBP,CC) is above 50 crore. But actual utilization is below 50 crore in F. Y. 2016-17.
Whether provision of Auditor Rotation Section 139(2) of The Companies Act, 2013 is applicable in F.Y. 2016-17?
In F. Y. 17-18 our actual utilization is above 50 crores so what is the effective date for compliance of the Section 139 (2) of the Companies Act, 2013 ?
Replies (3)
ROTATION OF AUDITORS– has to comply with in three years from the commencement of the Act.Act me kahi v fund utilization ke liye nhi likha h.So limit touch kiya ya cross kiya have to comply with this section.
All companies having public borrowings from financial institutions, banks or public deposits of Rs. 50 fifty crores or more shall not appoint or re-appoint an individual as auditor for more than one term of 5 consecutive Years; and an audit firm as auditor for more than two terms of 5 consecutive years.
I think it is about actual borrowing.
Hi
what is the meaing of public borrowing? is is from banks and public financial institutions? Pl clarify
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