Applicability of IFC u/s 143(3)(I), Corporate Laws / SEBI / LLP

[Bipin Parmar]

Dear Sir / Ma'am,

As per MCA notification , reporting on IFC u/s 143(3)(i) is not applicable to

Private companies with turnover less than 50 Crore OR

Private Companies aggregate borrowings less than 25 Crore

What if T/O less than 50 Crore but borrowing more than 25 cr?

What if T/O More than 50 Crore but borrowing less than 25 cr?

Thanks & regards

Bipin

Posts / Replies

[Atul Mehrotra]

Section 143(3)(i) will not apply if any of the following conditions are met -

1. turnover is less than rupees fifty crores as per latest audited financial statement ; OR

2. aggregate borrowings from banks or financial institutions or any body corporate at any point of time during the financial year is less than rupees twenty five crore.

To answer your questions-

What if T/O less than 50 Crore but borrowing more than 25 cr? - IFC not applicable

What if T/O More than 50 Crore but borrowing less than 25 cr? - IFC not applicable