Drafting error in rules - companies act, 2013

CA Rajesh Pabari (Chartered Accountant) (1975 Points)

28 April 2014  

Relating to Appointment of Internal Auditor by Specified Companies.

Rule 13 (b)(iii) outstanding  loans  or  borrowings  from  banks  or  public  financial institutions  exceeding  one hundred  crore  rupees  or  more  at  any point of time during the preceding financial year; 

Comment "It should have been either Exceeding one hundred crore rupees or more

or It should have been "Exceeding One Hundred Crore rupees or more"

Both Words cannot be used simultaneously. Kindly comment if different opinion. 

 

Rules can be downloaded from this link

https://www.mca.gov.in/Ministry/pdf/NCARules_Chapter9.pdf

Refer Page no. 9