Western India Regional Council of
The Institute of Chartered Accountants Of India

Law Update Details

 
June 2018 CA. Rahul Joglekar
 

MCA (www.mca.gov.in)

MCA notification GSR (E) dated 7th May 2018 – Companies (Audit and Auditors) Amendment Rules, 2018

MCA has issued the aforesaid notification to make amendments to the Companies (Audit and Auditors) Rules, 2014. The changes made include removal of the requirement of ratification of auditor’s appointment at every AGM, removal of the provision relating to criminal liability of a partner and certain other amendments. For complete text of the notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/AuditAuditorsRules_07052018.pdf.

MCA notification GSR (E) dated 7th May 2018 – Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018

MCA has issued the aforesaid notification to make amendments to the Companies (Appointment and Qualification of Directors) Rules, 2014. It is now provided that the relatives of an independent director should not be indebted to the company, its holding, subsidiary or associate company or their promoters, or directors or should not have given a guarantee or provided any security in connection with the indebtedness of any third person to the company, its holding, subsidiary or associate company or their promoters, or directors of such holding company for an amount of fifty lakhs rupees, at any time during the two immediately preceding financial years or during the current financial year. For complete text of the notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/AppointmentDirectorsRules_07052018.pdf

 

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