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clause xi of caro

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(Querist)
16 May 2009 One of my client is a Ltd. O. My question is in CARO

1)Clause No. (xi) ; Company has taken CC from IDBI . Whether it is to be mentioned in this clause as IDBI is a bank and not financial institution.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 May 2009 Yes, because clause xi reads as follows. 'whether the company has defaulted in repayment of dues to a financial institution or BANK or debenture holders'.
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Ankur Garg

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Ankur Garg (Expert)
17 May 2009 Agree with Mr. Warrier.

If u have defaulted in repayment then this clause is applicable.
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