Applicability of Vigil Mechanism under Companies Act 2013

As per Provisions of sub section ‘9’ of Section 177 of Companies Act, 2013:

As per Provisions of Section 177 of Companies Act, 2013 read with Rule 7 Chapter XII, Companies (Meetings of Board and its Powers) Rules, 2014:

a)   All Listed Companies

b)   The Company which accept deposits from the public;

c)   The companies which have borrowed money from banks and public financial institutions in excess of Rs. 50 crore (Rupees Fifty Crore only)

Explanation.- The paid up share capital or turnover or outstanding loans, or borrowings or debentures or deposits, as the case may be, as existing on the date of last audited Financial Statements shall be taken into account for the purposes of this rule.