FAQ’S ON APPOINTEMNT AND RESIGNATION OF AUDITOR

1.      APPOINTMENT OF FIRST AUDITOR

a)      Who appoint the First Auditor and what is the time limit for appointment of Auditor?

As Per Section 139 (6) of the Companies Act, 2013 First Auditor of a company, other than a Government Company, is appointed by the Board Of directors within 30 days from the date of Registration. In case the Board of Directors are not able to appoint such auditor, then it shall inform the members of the company who shall hold an Extraordinary Annual General Meeting within 90 days from such failure, and appoint such auditor.

Section 139(7) of the Companies Act, 2013 states that in case of a government company or any other company owned or controlled, directly or indirectly, by the Central Government, or by any State Government, or Governments, or partly by the Central Government and partly by one or more State Governments, the appointment of the First Auditor shall be done by the Comptroller and Auditor General of India within 60 days from the date of its registration. In case the Comptroller and Auditor General is unable to appoint such auditor then the Board of Directors of the said company shall appoint such auditor within 30 days from the date of such failure. In case the Board of Directors of such company also fails to appoint such auditor, it shall inform the members of the company who shall hold an Extraordinary Annual General Meeting within 60 days of such failure and appoint an auditor in such meeting.

Be it stated that the first auditor appointed as per the aforesaid sections shall hold office till the first Annual General Meeting.Normally, it is desirable that all the companies should appoint an auditor.

As per Section 139(1) of the Companies Act, 2013 r/w Rule 4 of Companies (Audit and Auditors) Appointment, 2014, the company needs to file Form ADT-1 within 15 days from the date of appointment with following attachments (Draft is in the folder):

·         Written Consent letter

·         Certificate from auditor that he is not disqualified to be appointed.

·         Copy of Board Resolution.

·         Appointment Letter

Following information will be required to file ADT-1 other than the above mentioned attachments:

·         PAN Card of the Firm

·         Membership Number of the Firm

·         Whether the appointment of Auditor is within the limit of 20 companies as specified in sub-section 3(g) of section 141.

 

b)     Tenure of First Auditor

Up to the conclusion of the First AGM.

 

c)      What if the First Auditor resigns before AGM?

Casual Vacancy will arise, section 139 (8).

 

2.      APPOINTMENT OF SUBSEQUENT AUDITOR

a)      Who appoint the subsequent Auditor and what is the tenure of appointment?

The auditor is appointed by the members of the Company in Annual General meeting under Special Business.

Tenure:

From the conclusion of the particular AGM till the conclusion of Sixth AGM.

 

3.      In case of Casual Vacancy

v  As per Section  139 (8) There are two type of Casual Vacancy:

(a)   Due to resignation of Auditor

(b)   Due to any other reason

Grounds of Casual Vacancy arising due to any other reason are:

(i)                 Death of Auditor

(ii)               Disqualification of Auditor under section 139(9) & 141 of the Companies Act, 2013

(iii)             Non ratification of Auditor

(iv)              Any other reason

 

(a)   How to fill casual Vacancy in case of casual vacancy arises due to resignation of Auditor?

As per Section 139(8): If Casual Vacancy Arise due to Resignation of Auditor then:

The auditor shall be appointed within three months of such resignation by the Board of Directors by holding a General meeting wherein such appointment shall be approved by the members of the company and he shall hold the office till the conclusion of the next annual general meeting. ADT 1 and MGT 14 shall be filed within 15 days of such appointment.

(b)   What if the Casual Vacancy arises other then Resignation of Auditor?

As per Section 139 (8) If Casual Vacancy arises due to reason other than resignation of Auditor then such vacancy can be filled by Board of Director within 30 days from the date of resignation.

Auditor will hold office up to the conclusion of next AGM.

Note: In case of filing of subsequent ADT-1, SRN of previous filed ADT-1 will be required.

 

4.      REMOVAL OF THE AUDITOR

The Auditor can be remove by the following ways:

4.1  Removal of Auditor by the Board of the Directors

4.2  Removal of Auditor by NCLT

4.3  Resignation of the Auditor

 

4.1 REMOVAL OF AUDITOR BY THE BOARD OF DIRECTORS

a) Can the Board of the Directors remove the statutory auditor of the Company?

Section 140(1) of the Companies Act, 2013, the only mechanism for removal of a Statutory Auditor appointed under the Act before expiry of the term, requires the prior approval of the Central Government (at present, the powers have been delegated to the jurisdictional Regional Director).

 

The following procedures need to be followed are as follows:

·         Pass Board Resolution

·         File ADT-2 within 30 days of passing Board Resolution for the approval of Central Government.

·         Obtain approval from Central Government (Now delegated to Regional Director)

·         Call EGM within 30  days from the date of getting approval from the CG

·         Pass Special Resolution & File MGT-14 within 30 days from the date of passing Special Resolution

 

b)     What is the procedure to obtain CG approval?

To Obtain CG approval the Company needs to file ADT-2 within 30 days from the date of passing resolution in the Board Meeting.

The following documents and details are required and documents attached with Form ADT-2 :

·         CTC of Board Resolution

·         Ground of Removal of Auditor

·         Details of any proceeding pending between Company and the concerned auditor

·         Details of last 3 years Financial Statement qualification

·         SRN of ADT-1

·         Details of Audit Remuneration pendency

·         Pendency of any audit

 

4.2  REMOVAL OF THE AUDITOR BY NCLT

a)      Who can file an application to NCLT for the removal of Auditor before the expiry of the Auditor?

As per Section 140(5) of the Companies act, 2013, the application can be made to NCLT by following Ways:

a)      Suo- Motto

b)      Central Government

c)      Company

 

b)      Is it required to file ADT-3 in case of removal of NCLT? If not, then how to intimate to ROC?

Yes, it is required to file ADT-3.

The company will file ADT-1 within 15 days from the date of passing of a resolution for appointment of new auditor in place of auditor removed by NCLT along with following documents are:

·         NCLT order

·         Application made by a Company

·         Any appointment made by Central Government.

 

4.3  RESIGNATION BY THE AUDITOR

As per section 140(2) (3) of the Companies act, 2013 and Rule 8 of the Companies (Audit and Auditors) Rules, 2014 the Company auditor will file ADT-3 within 30 days from the date of Resignation to Company and ROC.

 

5        FILING OF ADT-3

a)      Is ADT-3 required to be filed after the completion of Tenure?

The purpose of Form ADT-3 is to intimate the ROC about the termination of the office of the auditor (whether by way of resignation or in case of death of auditor) before the expiry of his/her tenure. ADT-3 is not required in following situations:

·         If any new auditor (other than First Auditor) is appointed in the first AGM, no need to file ADT-3 as term of the First Auditor is only till the conclusion of first AGM. However, company shall file ADT-1 towards the appointment of new auditor appointed post the first AGM.

Information required to be mentioned in Form ADT-3 are as follows:

·         PAN of the firm/Individual

·         Name of the Auditor  or auditor’s Firm

·         Membership number of Auditor or Auditor Firm’s Registration Number

·         Address

·         Reason of Resignation

·         Any other facts relevant to the resignation.

6.      Maximum Period for which the Auditor can hold the Office?

Individual: For 5 Years

Firm: 2 Consecutive terms of 5  years.

Except Company which doesn’t fall under Section- 139(2) read with Rule-5 of The Companies (Audit and Auditors) Rules, 2014

·         All unlisted Public Companies having paid-up share Capital of Rs. 10 Cr. or more

·       All private Company having paid-up share Capital of Rs.20 Cr. or more

·         All Company having public borrowing from Financial Institutions, Bank or Public deposits of Rupees 50 Cr. or more

·         Listed Company

Note: As per Section 139 (2) First Proviso, No individual or Firm can be appointed for next 5 years in the same company after the completion of Tenure.

7.      REMUNERATION OF THE AUDITOR

As per Section 142, it shall be fixed in AGM; Board may fix the remuneration in case of First AGM.

Further the remuneration shall be in addition to the fees payable to an auditor including the expenses but does not include any remuneration paid to him for any other services rendered by him at the request of the Company.

8.      AUDIT COMMIITEE

As per Section 177 read with rule 4 of Companies (Appointment and Qualification of Directors) Rules, 2014 following Company is required to constitute the Audit Committee

·         Listed Company

·         Every Public Company having paid up share capital of Rs. 10 Cr. or more; or

·         The public Company having turnover of one hundred Cr. or more; or

·         The public Company which have, in aggregate, outstanding loans, dentures and deposits, exceeding fifty Cr. rupees.

 FAQ’S ON APPOINTEMNT AND RESIGNATION OF AUDITOR

1.      APPOINTMENT OF FIRST AUDITOR

a)      Who appoint the First Auditor and what is the time limit for appointment of Auditor?

As Per Section 139 (6) of the Companies Act, 2013 First Auditor of a company, other than a Government Company, is appointed by the Board Of directors within 30 days from the date of Registration. In case the Board of Directors are not able to appoint such auditor, then it shall inform the members of the company who shall hold an Extraordinary Annual General Meeting within 90 days from such failure, and appoint such auditor.

Section 139(7) of the Companies Act, 2013 states that in case of a government company or any other company owned or controlled, directly or indirectly, by the Central Government, or by any State Government, or Governments, or partly by the Central Government and partly by one or more State Governments, the appointment of the First Auditor shall be done by the Comptroller and Auditor General of India within 60 days from the date of its registration. In case the Comptroller and Auditor General is unable to appoint such auditor then the Board of Directors of the said company shall appoint such auditor within 30 days from the date of such failure. In case the Board of Directors of such company also fails to appoint such auditor, it shall inform the members of the company who shall hold an Extraordinary Annual General Meeting within 60 days of such failure and appoint an auditor in such meeting.

Be it stated that the first auditor appointed as per the aforesaid sections shall hold office till the first Annual General Meeting.Normally, it is desirable that all the companies should appoint an auditor.

As per Section 139(1) of the Companies Act, 2013 r/w Rule 4 of Companies (Audit and Auditors) Appointment, 2014, the company needs to file Form ADT-1 within 15 days from the date of appointment with following attachments (Draft is in the folder):

·         Written Consent letter

·         Certificate from auditor that he is not disqualified to be appointed.

·         Copy of Board Resolution.

·         Appointment Letter

Following information will be required to file ADT-1 other than the above mentioned attachments:

·         PAN Card of the Firm

·         Membership Number of the Firm

·         Whether the appointment of Auditor is within the limit of 20 companies as specified in sub-section 3(g) of section 141.

 

b)     Tenure of First Auditor

Up to the conclusion of the First AGM.

 

c)      What if the First Auditor resigns before AGM?

Casual Vacancy will arise, section 139 (8).

 

2.      APPOINTMENT OF SUBSEQUENT AUDITOR

a)      Who appoint the subsequent Auditor and what is the tenure of appointment?

The auditor is appointed by the members of the Company in Annual General meeting under Special Business.

Tenure:

From the conclusion of the particular AGM till the conclusion of Sixth AGM.

 

3.      In case of Casual Vacancy

v  As per Section  139 (8) There are two type of Casual Vacancy:

(a)   Due to resignation of Auditor

(b)   Due to any other reason

Grounds of Casual Vacancy arising due to any other reason are:

(i)                 Death of Auditor

(ii)               Disqualification of Auditor under section 139(9) & 141 of the Companies Act, 2013

(iii)             Non ratification of Auditor

(iv)              Any other reason

 

(a)   How to fill casual Vacancy in case of casual vacancy arises due to resignation of Auditor?

As per Section 139(8): If Casual Vacancy Arise due to Resignation of Auditor then:

The auditor shall be appointed within three months of such resignation by the Board of Directors by holding a General meeting wherein such appointment shall be approved by the members of the company and he shall hold the office till the conclusion of the next annual general meeting. ADT 1 and MGT 14 shall be filed within 15 days of such appointment.

(b)   What if the Casual Vacancy arises other then Resignation of Auditor?

As per Section 139 (8) If Casual Vacancy arises due to reason other than resignation of Auditor then such vacancy can be filled by Board of Director within 30 days from the date of resignation.

Auditor will hold office up to the conclusion of next AGM.

Note: In case of filing of subsequent ADT-1, SRN of previous filed ADT-1 will be required.

 

4.      REMOVAL OF THE AUDITOR

The Auditor can be remove by the following ways:

4.1  Removal of Auditor by the Board of the Directors

4.2  Removal of Auditor by NCLT

4.3  Resignation of the Auditor

 

4.1 REMOVAL OF AUDITOR BY THE BOARD OF DIRECTORS

a) Can the Board of the Directors remove the statutory auditor of the Company?

Section 140(1) of the Companies Act, 2013, the only mechanism for removal of a Statutory Auditor appointed under the Act before expiry of the term, requires the prior approval of the Central Government (at present, the powers have been delegated to the jurisdictional Regional Director).

 

The following procedures need to be followed are as follows:

·         Pass Board Resolution

·         File ADT-2 within 30 days of passing Board Resolution for the approval of Central Government.

·         Obtain approval from Central Government (Now delegated to Regional Director)

·         Call EGM within 30  days from the date of getting approval from the CG

·         Pass Special Resolution & File MGT-14 within 30 days from the date of passing Special Resolution

 

b)     What is the procedure to obtain CG approval?

To Obtain CG approval the Company needs to file ADT-2 within 30 days from the date of passing resolution in the Board Meeting.

The following documents and details are required and documents attached with Form ADT-2 :

·         CTC of Board Resolution

·         Ground of Removal of Auditor

·         Details of any proceeding pending between Company and the concerned auditor

·         Details of last 3 years Financial Statement qualification

·         SRN of ADT-1

·         Details of Audit Remuneration pendency

·         Pendency of any audit

 

4.2  REMOVAL OF THE AUDITOR BY NCLT

a)      Who can file an application to NCLT for the removal of Auditor before the expiry of the Auditor?

As per Section 140(5) of the Companies act, 2013, the application can be made to NCLT by following Ways:

a)      Suo- Motto

b)      Central Government

c)      Company

 

b)      Is it required to file ADT-3 in case of removal of NCLT? If not, then how to intimate to ROC?

Yes, it is required to file ADT-3.

The company will file ADT-1 within 15 days from the date of passing of a resolution for appointment of new auditor in place of auditor removed by NCLT along with following documents are:

·         NCLT order

·         Application made by a Company

·         Any appointment made by Central Government.

 

4.3  RESIGNATION BY THE AUDITOR

As per section 140(2) (3) of the Companies act, 2013 and Rule 8 of the Companies (Audit and Auditors) Rules, 2014 the Company auditor will file ADT-3 within 30 days from the date of Resignation to Company and ROC.

 

5        FILING OF ADT-3

a)      Is ADT-3 required to be filed after the completion of Tenure?

The purpose of Form ADT-3 is to intimate the ROC about the termination of the office of the auditor (whether by way of resignation or in case of death of auditor) before the expiry of his/her tenure. ADT-3 is not required in following situations:

·         If any new auditor (other than First Auditor) is appointed in the first AGM, no need to file ADT-3 as term of the First Auditor is only till the conclusion of first AGM. However, company shall file ADT-1 towards the appointment of new auditor appointed post the first AGM.

Information required to be mentioned in Form ADT-3 are as follows:

·         PAN of the firm/Individual

·         Name of the Auditor  or auditor’s Firm

·         Membership number of Auditor or Auditor Firm’s Registration Number

·         Address

·         Reason of Resignation

·         Any other facts relevant to the resignation.

6.      Maximum Period for which the Auditor can hold the Office?

Individual: For 5 Years

Firm: 2 Consecutive terms of 5  years.

Except Company which doesn’t fall under Section- 139(2) read with Rule-5 of The Companies (Audit and Auditors) Rules, 2014

·         All unlisted Public Companies having paid-up share Capital of Rs. 10 Cr. or more

·       All private Company having paid-up share Capital of Rs.20 Cr. or more

·         All Company having public borrowing from Financial Institutions, Bank or Public deposits of Rupees 50 Cr. or more

·         Listed Company

Note: As per Section 139 (2) First Proviso, No individual or Firm can be appointed for next 5 years in the same company after the completion of Tenure.

7.      REMUNERATION OF THE AUDITOR

As per Section 142, it shall be fixed in AGM; Board may fix the remuneration in case of First AGM.

Further the remuneration shall be in addition to the fees payable to an auditor including the expenses but does not include any remuneration paid to him for any other services rendered by him at the request of the Company.

8.      AUDIT COMMIITEE

As per Section 177 read with rule 4 of Companies (Appointment and Qualification of Directors) Rules, 2014 following Company is required to constitute the Audit Committee

·         Listed Company

·         Every Public Company having paid up share capital of Rs. 10 Cr. or more; or

·         The public Company having turnover of one hundred Cr. or more; or

·         The public Company which have, in aggregate, outstanding loans, dentures and deposits, exceeding fifty Cr. rupees.

 FAQ’S ON APPOINTEMNT AND RESIGNATION OF AUDITOR

1.      APPOINTMENT OF FIRST AUDITOR

a)      Who appoint the First Auditor and what is the time limit for appointment of Auditor?

As Per Section 139 (6) of the Companies Act, 2013 First Auditor of a company, other than a Government Company, is appointed by the Board Of directors within 30 days from the date of Registration. In case the Board of Directors are not able to appoint such auditor, then it shall inform the members of the company who shall hold an Extraordinary Annual General Meeting within 90 days from such failure, and appoint such auditor.

Section 139(7) of the Companies Act, 2013 states that in case of a government company or any other company owned or controlled, directly or indirectly, by the Central Government, or by any State Government, or Governments, or partly by the Central Government and partly by one or more State Governments, the appointment of the First Auditor shall be done by the Comptroller and Auditor General of India within 60 days from the date of its registration. In case the Comptroller and Auditor General is unable to appoint such auditor then the Board of Directors of the said company shall appoint such auditor within 30 days from the date of such failure. In case the Board of Directors of such company also fails to appoint such auditor, it shall inform the members of the company who shall hold an Extraordinary Annual General Meeting within 60 days of such failure and appoint an auditor in such meeting.

Be it stated that the first auditor appointed as per the aforesaid sections shall hold office till the first Annual General Meeting.Normally, it is desirable that all the companies should appoint an auditor.

As per Section 139(1) of the Companies Act, 2013 r/w Rule 4 of Companies (Audit and Auditors) Appointment, 2014, the company needs to file Form ADT-1 within 15 days from the date of appointment with following attachments (Draft is in the folder):

·         Written Consent letter

·         Certificate from auditor that he is not disqualified to be appointed.

·         Copy of Board Resolution.

·         Appointment Letter

Following information will be required to file ADT-1 other than the above mentioned attachments:

·         PAN Card of the Firm

·         Membership Number of the Firm

·         Whether the appointment of Auditor is within the limit of 20 companies as specified in sub-section 3(g) of section 141.

 

b)     Tenure of First Auditor

Up to the conclusion of the First AGM.

 

c)      What if the First Auditor resigns before AGM?

Casual Vacancy will arise, section 139 (8).

 

2.      APPOINTMENT OF SUBSEQUENT AUDITOR

a)      Who appoint the subsequent Auditor and what is the tenure of appointment?

The auditor is appointed by the members of the Company in Annual General meeting under Special Business.

Tenure:

From the conclusion of the particular AGM till the conclusion of Sixth AGM.

 

3.      In case of Casual Vacancy

v  As per Section  139 (8) There are two type of Casual Vacancy:

(a)   Due to resignation of Auditor

(b)   Due to any other reason

Grounds of Casual Vacancy arising due to any other reason are:

(i)                 Death of Auditor

(ii)               Disqualification of Auditor under section 139(9) & 141 of the Companies Act, 2013

(iii)             Non ratification of Auditor

(iv)              Any other reason

 

(a)   How to fill casual Vacancy in case of casual vacancy arises due to resignation of Auditor?

As per Section 139(8): If Casual Vacancy Arise due to Resignation of Auditor then:

The auditor shall be appointed within three months of such resignation by the Board of Directors by holding a General meeting wherein such appointment shall be approved by the members of the company and he shall hold the office till the conclusion of the next annual general meeting. ADT 1 and MGT 14 shall be filed within 15 days of such appointment.

(b)   What if the Casual Vacancy arises other then Resignation of Auditor?

As per Section 139 (8) If Casual Vacancy arises due to reason other than resignation of Auditor then such vacancy can be filled by Board of Director within 30 days from the date of resignation.

Auditor will hold office up to the conclusion of next AGM.

Note: In case of filing of subsequent ADT-1, SRN of previous filed ADT-1 will be required.

 

4.      REMOVAL OF THE AUDITOR

The Auditor can be remove by the following ways:

4.1  Removal of Auditor by the Board of the Directors

4.2  Removal of Auditor by NCLT

4.3  Resignation of the Auditor

 

4.1 REMOVAL OF AUDITOR BY THE BOARD OF DIRECTORS

a) Can the Board of the Directors remove the statutory auditor of the Company?

Section 140(1) of the Companies Act, 2013, the only mechanism for removal of a Statutory Auditor appointed under the Act before expiry of the term, requires the prior approval of the Central Government (at present, the powers have been delegated to the jurisdictional Regional Director).

 

The following procedures need to be followed are as follows:

·         Pass Board Resolution

·         File ADT-2 within 30 days of passing Board Resolution for the approval of Central Government.

·         Obtain approval from Central Government (Now delegated to Regional Director)

·         Call EGM within 30  days from the date of getting approval from the CG

·         Pass Special Resolution & File MGT-14 within 30 days from the date of passing Special Resolution

 

b)     What is the procedure to obtain CG approval?

To Obtain CG approval the Company needs to file ADT-2 within 30 days from the date of passing resolution in the Board Meeting.

The following documents and details are required and documents attached with Form ADT-2 :

·         CTC of Board Resolution

·         Ground of Removal of Auditor

·         Details of any proceeding pending between Company and the concerned auditor

·         Details of last 3 years Financial Statement qualification

·         SRN of ADT-1

·         Details of Audit Remuneration pendency

·         Pendency of any audit

 

4.2  REMOVAL OF THE AUDITOR BY NCLT

a)      Who can file an application to NCLT for the removal of Auditor before the expiry of the Auditor?

As per Section 140(5) of the Companies act, 2013, the application can be made to NCLT by following Ways:

a)      Suo- Motto

b)      Central Government

c)      Company

 

b)      Is it required to file ADT-3 in case of removal of NCLT? If not, then how to intimate to ROC?

Yes, it is required to file ADT-3.

The company will file ADT-1 within 15 days from the date of passing of a resolution for appointment of new auditor in place of auditor removed by NCLT along with following documents are:

·         NCLT order

·         Application made by a Company

·         Any appointment made by Central Government.

 

4.3  RESIGNATION BY THE AUDITOR

As per section 140(2) (3) of the Companies act, 2013 and Rule 8 of the Companies (Audit and Auditors) Rules, 2014 the Company auditor will file ADT-3 within 30 days from the date of Resignation to Company and ROC.

 

5        FILING OF ADT-3

a)      Is ADT-3 required to be filed after the completion of Tenure?

The purpose of Form ADT-3 is to intimate the ROC about the termination of the office of the auditor (whether by way of resignation or in case of death of auditor) before the expiry of his/her tenure. ADT-3 is not required in following situations:

·         If any new auditor (other than First Auditor) is appointed in the first AGM, no need to file ADT-3 as term of the First Auditor is only till the conclusion of first AGM. However, company shall file ADT-1 towards the appointment of new auditor appointed post the first AGM.

Information required to be mentioned in Form ADT-3 are as follows:

·         PAN of the firm/Individual

·         Name of the Auditor  or auditor’s Firm

·         Membership number of Auditor or Auditor Firm’s Registration Number

·         Address

·         Reason of Resignation

·         Any other facts relevant to the resignation.

6.      Maximum Period for which the Auditor can hold the Office?

Individual: For 5 Years

Firm: 2 Consecutive terms of 5  years.

Except Company which doesn’t fall under Section- 139(2) read with Rule-5 of The Companies (Audit and Auditors) Rules, 2014

·         All unlisted Public Companies having paid-up share Capital of Rs. 10 Cr. or more

·       All private Company having paid-up share Capital of Rs.20 Cr. or more

·         All Company having public borrowing from Financial Institutions, Bank or Public deposits of Rupees 50 Cr. or more

·         Listed Company

Note: As per Section 139 (2) First Proviso, No individual or Firm can be appointed for next 5 years in the same company after the completion of Tenure.

7.      REMUNERATION OF THE AUDITOR

As per Section 142, it shall be fixed in AGM; Board may fix the remuneration in case of First AGM.

Further the remuneration shall be in addition to the fees payable to an auditor including the expenses but does not include any remuneration paid to him for any other services rendered by him at the request of the Company.

8.      AUDIT COMMIITEE

As per Section 177 read with rule 4 of Companies (Appointment and Qualification of Directors) Rules, 2014 following Company is required to constitute the Audit Committee

·         Listed Company

·         Every Public Company having paid up share capital of Rs. 10 Cr. or more; or

·         The public Company having turnover of one hundred Cr. or more; or

·         The public Company which have, in aggregate, outstanding loans, dentures and deposits, exceeding fifty Cr. rupees.

 Author