Rotation of auditor

This query is : Resolved

Ritika (Querist)
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27 November 2017 As per sec 139 (2)
What is the meaning of public borrowings i.e.
What if the sanction limit is more than 50 crore but total loan amount is less than 50 crore. Is rotation is applicable in the same case as well?????

CA Prateek Dua

CA Prateek Dua (Expert)
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02 January 2018 how much amount u r indebted for, that is 50 cr or more than 50cr. So you are indebted for what you are receiving ,, and you are receiving the final loan amount ,,not the sanctioned amount,,, and if u talk about the concept of public borrowings ,,it talks about an amount of money you receive as a loan from Banks /FI etc... that means you are not taking the money from Individual Lenders(Private person)