Notification Detail :
COMPANIES ACT, 2013 : Companies (Removal of Difficulties) Seventh Order, 2014 – Amendment in Section 143 of The Companies Act, 2013.
S.O. Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referredto as the said Act) received the assent of the President on the 29th August,2013 and section 143 of the Act, which provides for the powers and duties ofthe auditors and auditing standards, came into force with effect from 1st April,20r4;
And whereas sub-sections (5) and (7) of section 139 of the said Actprovide for power of the Comptroller and Auditor-General of India to appointan auditor duly qualified to be appointed as an auditor in a covernmentcompany or any other company owned or controlled, directly or indirectly, bythe Central Government, or by any State Government or Governments, o!partly by the Central covernment and padly by one or more State Governments;
And whereas sub-section (5) of section 143 of the said Act whichprovides for power ofthe Comptroller and Auditor General oflndia to conductsupplementary audit does not specihcally cover companieg bwned orcontrolled, directly or indtectly, by the Central Government, or by any StateGovernment or Governments, or partly by the Central Government and partlyby one or more State Governments';
And whereas difliculties have arisen in implementation of the provisionsof sub-section (5) of section 143 for companies referred to in sub-sections (5)and (7) of section 139 of the said Act;
Now, therefore, in exercise of the powers conferred by sub-section (l) ofsection 47O of the Companies Act, 2Ol3 the Central Govemment herebymakes the following Order to remove the aforesaid diflicultiea, namely:-
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