As per Rule 13 an unlisted company will be required to have internal audit if it meets certain conditions. One of the condition is outstanding loan or borrowings from Banks OR financial institutions exceeding 100 crores. Question if a company has borrowed 40 crores from Banks and 90 crores from public financial institutions will internal audit he applicable. The language does not use the verbiage aggregate, so am confused if the aggregate should be compared for 100 crores.

1 answer

Ravi Staff April 1, 2019

aggregate amount should be seen
every where else we see aggregate in similar situation

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