[aaykarbhavan] Attached ICAI's representation on 20 company audit limit to MCA by letter dated 15th April,which is similar to our request on 31st March [1 Attachment]

Attached ICAI's representation on 20 company audit limit to MCA by letter dated 15th April, which is similar to our request on 31st March. 

From: Nitesh More <moreassociate@gmail.com>

Date: Mon, Mar 31, 2014 at 5:10 PM

 Highlights & Comments of CA Nitesh More on New Rules

SOME COMPANIES CAN BE EXCLUDED FROM 20 LIMIT BY INVOKING SEC 470 OF THE CO ACT,2013, NFRA has not been notified, classes of companies for rotation has been notified

A)      U/S 470 , Central Govt can make provisions  as appear to it to be necessary or expedient for removing the difficulty. A question arise will CG come with a definition of companies by invoking this provision for the purpose of sec 141 (3) g?  

Will ICAI GET IT NOTIFIED?

 

 

SEC 470: POWER TO REMOVE DIFFICULTIES

(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government  may, by order published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient for removing the difficulty:

Provided that no such order shall be made after the expiry of a period of five years from the date of commencement of section 1 of this Act.

 

(2) Every order made under this section shall, as soon as may be after it is made, be laid before each House of Parliament. 

 

B)      NFRA has not been notified: It is expected that NFRA will not be notified for at least next 6 months

 

C) A CA  can audit 20 company only. 

 

D)                Rotation is not applicable for one person companies and small companies

 

E) Rotation is applicable for the following  classes of companies excluding one person companies and small companies:- 

(a) all unlisted public companies having paid up share capital of rupees ten crore or more; 

(b) all private limited companies having paid up share capital of rupees twenty crore or more; 

(c) all companies having paid up share capital of below threshold limit mentioned in (a) and (b) above, but having public borrowings from financial institutions, banks or public deposits of rupees fifty crores or more

 Warm Regards 

 CA.Nitesh  More |  FCA, |

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