Rule 5 of audit & auditors

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2014 Kindly tell me whether companies having borrowing of less than 50 crores from public financial institutions are covered under Rule 5 Audit & Auditors of Companies Act,2013.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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15 December 2014 no

companies having public borrowings from financial institutions, banks or public deposits of rupees fifty crores or more are covered under rule 5 of Companies (Audit and Auditors) Rules,2014.