Section 177(9) vigil mechanism
This query is : Resolved
22 March 2018
Whether section 177(9) Vigil Mechanism applicable on unlisted public company having borrowing from bank more than 50 cr. ??? Reply Please.
23 March 2018
Yes
Subsections (9), (10) of section 177 of the Act read with rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 provide that every listed company and the companies belonging to the following
class or classes shall establish a vigil mechanism for their directors and employees to report their genuine concerns or grievances-
(a) the Companies which accept deposits from the public;
(b) the Companies which have borrowed money from banks and public financial institutions in excess of fifty crore rupees.
Subsections (9), (10) of section 177 of the Act read with rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 provide that every listed company and the companies belonging to the following
class or classes shall establish a vigil mechanism for their directors and employees to report their genuine concerns or grievances-
(a) the Companies which accept deposits from the public;
(b) the Companies which have borrowed money from banks and public financial institutions in excess of fifty crore rupees.
23 March 2018
applicable to unlisted co.? whether both conditions to be satisfied i.e. 1) Listed company and
2) borrowing exceeds 50 cr.
I 'm confused because of "and" "or"
2) borrowing exceeds 50 cr.
I 'm confused because of "and" "or"
23 March 2018
Yes Applicable to listed companies and
Applicable to unlisted company. if satisfied either of condition (a) or (b)
Applicable to unlisted company. if satisfied either of condition (a) or (b)
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