Explanation 1

Explanation 2

Q10. Kesar Limited, an unlisted company furnishes the following data:
(a) Paid-up share capital as on 31st March 2024 Rs. 49 Crore.
(b) Turnover for the year ended 31st March 2024 Rs. 100 Crore
(c) Outstanding loan from bank as on 3rd March 2024 is Rs. 102 crore (Rs. 105 Crore loan obtained from bank) and the outstanding balance as on 31st March 2024 Rs. 95 crore after repayment.
Considering the above scenario and in accordance with the provisions outlined in the Companies Act, 2013, determine whether Kesar Limited is required to appoint an Internal Auditor during the financial year 2024-2025

A - Kesar Limited has outstanding loan from bank of 90 crore rupees after repayment. Hence, it is not required to appoint Internal Auditor during the year 2024-25.

B - Kesar Limited has outstanding loan from bank exceeding 100 crore rupees i.e., Rs. 100 crore for year ended 31 Mar 2024. Hence, it is required to appoint Internal Auditor during the year 2024-25.

C - Kesar Limited has outstanding loan from bank exceeding 100 crore rupees i.e., Rs. 102 crore on 3rd March 2024 (i.e. during the preceding financial year 2023-24). Hence, it is required to appoint Internal Auditor during the year 2024-25.

D - None of the Above

Explanation

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