Ministry has issued a letter to Institute of Chartered Accountants of India (ICAI) dated 15th Feb, 2019 to withdraw its announcement regarding clarification on Applicability of Rotation principles on a Company as per Section 139 of the Companies Act, 2013, where the Company ceases to fall under the ambit of Rotation principles under subsequent years. Ministry further stated that the issuance of any clarification on different provisions of Companies Act, shall be under its domain and ICAI is neither empowered nor empowered nor competent to issue such clarification without prior consultation with Ministry.
Content of this notification is attached below:-
