Tag Archives: Government Companies

Exemptions to Government Companies producing defence equipments

Ministry of Corporate Affairs placed on its web site a DRAFT notification on 4th September 2015 which proposed certain exemption to government companies producing defence equipments including space research from certain Para of Schedule III of the Companies Act, 2013.

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Amendment in Section 143(5)

Section 143(5) of the Companies Act 2013, as discussed earlier here originally read as under:

In the case of a Government company, the Comptroller and Auditor-General of India shall appoint the auditor under sub-section (5) or sub-section (7) of section 139 and direct such auditor the manner in which the accounts of the Government company are required to be audited and thereupon the auditor so appointed shall submit a copy of the audit report to the Comptroller and Auditor-General of India which, among other things, include the directions, if any, issued by the Comptroller and Auditor-General of India, the action taken thereon and its impact on the accounts and financial statement of the company.

On 4th September 2014 Ministry of Corporate Affairs came out with the Companies (Removal of Difficulties) Seventh Order, 2014. Which come it force from date of its publication which is 4th September 2014. According to this order, Section 143(5) now read as under:

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(UPDATE: on 30th August 2013: Companies Bill, 2012became the Companies Act, 2013 (Act 18 of 2013). )

In my last blog post auditor under companies Act, 2013: from appointment to removal, I discussed auditor his appointment, remuneration resignation and removal along with other incidental matters. In this post I will discuss power, duties and penalties related to auditors and audit report.

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