Hello Sharmila
Section 177, Rule 6 (Meetings and Power of Board) prescribes applicability. 3rd point is for borrowings and wordings used are “exceeding 50 crore or more” this is drafting error “exceeding” word was not required as given in the earlier 2 points it should have been 50 crores or more .
So my opinion is 50 crore should be included and audit committee will be applicable of borrowings is 50 crores.
Following are the points for applicability.
(i)all public companies with a paid up capital of ten crore rupees or more; 
(ii) all public companies having turnover of one hundred crore rupees or more;
(iii) all public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding fifty crore rupees or more.