Chapter 10 - Corporate Law Reporter

Form CRA-1 of Companies Act, 2013 – Particulars relating to the items of Costs to be included in the Books of Accounts

Particulars relating to the items of Costs to be included in the Books of Accounts Persuant to rule 5(1) of the Companies(Cost Records and Audit) Rules, 2014 Read More

Form CRA-3 of Companies Act, 2013 – Form of the Cost Audit Report

Form of the Cost Audit Report Pursuant to rule 6(4) of the Companies (cost records and audit) Rules, 2014 Read More

Form ADT-4 of Companies Act, 2013 – Report to the Central Government

Report to the Central Government See rule 13(2)(f) of the Companies (Audit and Auditors) Rules, 2014 Read More

Section 148 of Companies Act, 2013 – Central Government to specify audit of items of cost in respect of certain Companies

SECTION 148. CENTRAL GOVERNMENT TO SPECIFY AUDIT OF ITEMS OF COST IN RESPECT OF CERTAIN COMPANIES [Effective from 1st April, 2014] (1) Notwithstanding anything contained in this Chapter, the Central Government may, by order, in respect of such class of companies engaged in the production of such goods or providing such services as may be… Read More

Section 147 of Companies Act, 2013 – Punishment for Contravention

SECTION 147. PUNISHMENT FOR CONTRAVENTION [Effective from 1st April, 2014] (1) If any of the provisions of sections 139 to 146 (both inclusive) is contravened, the company shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees [or four times the remuneration of… Read More

Section 146 of Companies Act, 2013 – Auditors to attend General Meeting

SECTION 146. AUDITORS TO ATTEND GENERAL MEETING [Effective from 1st April, 2014] All notices of, and other communications relating to, any general meeting shall be forwarded to the auditor of the company, and the auditor shall, unless otherwise exempted by the company, attend either by himself or through his authorised representative, who shall also be… Read More

Section 145 of Companies Act, 2013 – Auditors to sign audit reports, etc.

SECTION 145. AUDITOR TO SIGN AUDIT REPORTS, ETC. [Effective from 1st April, 2014] The person appointed as an auditor of the company shall sign the auditor’s report or sign or certify any other document of the company in accordance with the provisions of sub-section (2) of section 141, and the qualifications, observations or comments on… Read More

Section 144 of Companies Act, 2013 – Auditor not to Render Certain Services

SECTION 144. AUDITOR NOT TO RENDER CERTAIN SERVICES [Effective from 1st April, 2014] An auditor appointed under this Act shall provide to the company only such other services as are approved by the Board of Directors or the audit committee, as the case may be, but which shall not include any of the following services… Read More

Section 143 of Companies Act, 2013 – Powers and duties of auditors and auditing standards

SECTION 143. POWERS AND DUTIES OF AUDITORS AND AUDITING STANDARDS [Effective from 1st April, 2014; Sub-section (12) as amended by Companies (Amendment) Act, 2015 effective from 14th December, 2015] (1) Every auditor of a company shall have a right of access at all times to the books of account and vouchers of the company, whether kept… Read More

Section 142 of Companies Act, 2013 –Remuneration of auditors

SECTION 142. REMUNERATION OF AUDITORS [Effective from 1st April, 2014] (1) The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein: Provided that the Board may fix remuneration of the first auditor appointed by it. (2) The remuneration under sub-section (1)… Read More

Section 141 of Companies Act, 2013 – Eligibility, qualifications and disqualifications of auditors

SECTION 141. ELIGIBILITY, QUALIFICATIONS AND DISQUALIFICATIONS OF AUDITORS [Effective from 1st April, 2014] (1) A person shall be eligible for appointment as an auditor of a company only if he is a chartered accountant: Provided that a firm whereof majority of partners practising in India are qualified for appointment as aforesaid may be appointed by… Read More

Section 140 of Companies Act, 2013 – Removal, Resignation of Auditor and Giving of Special Notice

SECTION 140. REMOVAL, RESIGNATION OF AUDITOR AND GIVING OF SPECIAL NOTICE [Effective from 1st April, 2014, except second proviso to sub-section (4) and (5) which is effective from 1st June, 2016] (1) The auditor appointed under section 139 may be removed from his office before the expiry of his term only by a special resolution… Read More

Section 139 of Companies Act, 2013 – Appointment of Auditors

SECTION 139. APPOINTMENT OF AUDITORS [Effective from 1st April, 2014] (1) Subject to the provisions of this Chapter, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting… Read More