Under what circumstances, the Secretarial Auditor will report that there is diversion of the Fund.

Diversion of funds, would be construed to include any one of the under noted occurrences: utilisation of short-term working capital funds for long-term purposes not in conformity with the terms of sanction; deploying borrowed funds for purposes/activities or creation of assets other than those for which the loan was sanctioned; transferring funds to the subsidiaries/Group companies or other corporate by whatever modalities; routing of funds through any bank other than the lender bank or members of consortium without prior permission of the lender; investment in other companies by way of acquiring equities/debt instruments without approval of lenders; shortfall in deployment of funds vis-à-vis the amounts disbursed/drawn and the difference not being accounted for. The secretarial auditor will report the diversion in above mentioned occurrences.