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Section 139 (2) of the companies act 2013

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CS
36 Points Joined February 2014
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 ?
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On 24 May 2017 at 17:06 Report
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9 Points Joined May 2017
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.
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On 24 May 2017 at 19:07
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CS
36 Points Joined February 2014
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.
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On 25 May 2017 at 11:25
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CHARTERED ACCOUNTANTS
66 Points Joined December 2008

Hi

 

what is the meaing of public borrowing? is is from banks and public financial institutions? Pl clarify

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On 18 July 2017 at 12:06

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