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(4) The Central Government may, by rules, prescribe the manner in which the companies shall rotate their auditors in pursuance of sub-section (2). Explanation. ?For the purposes of this Chapter, the word ?firm? shall include a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008.

A board of directors (BofD) is the governing body of a company, whose members are elected by shareholders (in the case of public companies) to set strategy, oversee management, and protect the interests of shareholders and stakeholders.

Section 139 (1)? Every Company shall at 1st AGM, appoint an individual or firm as an auditor who shall hold the office from the conclusion of that meeting till the conclusion of its 6th AGM and thereafter till the conclusion of every 6th AGM.

Section 149 (12) is a non obstante clause which provides that the liability of an independent director (ID) or a non-executive director (NED) not being promoter or key managerial personnel would be only in respect of such acts of omission or commission by a company which had occurred with his knowledge, attributable ...

Section 139 is an important provision which mandates the appointment of an auditor within 30 days of the registration of a company. The procedure for the appointment of an auditor depends on the nature of the company.

Ing to Section 197(12) of the Act of 2013, every listed company is obligated to disclose the ratio of the remuneration that is being paid to each of its directors and the remuneration to the median employee, as well as other details as may be prescribed.

The CAG of India shall appoint an auditor duly qualified to be appointed as an auditor of companies under this Act, within 180 days from the commencement of the financial year, who shall hold office till the conclusion of the annual general meeting. The first auditor of a company (except govt.

Ing to Section 139(8)(i) of the Companies Act, 2013, any casual vacancy in the office of an auditor shall in the case of a company other than a company whose accounts are subject to audit by CAG, be filled by the Board of Directors within 30 days, but if such casual vacancy is as a result of the resignation of an ...