MCA has vide Notification dated 05/06/2015 has exempted from Statutory Audit ceiling limit of 20 company audit limit the following Companies :-
a) other than one person companies
b) dormant companies,
c) small companies and private companies having paid-up share capital less than one hundred crore rupees.
So now the Limit of 20 Companies includes:-
a) Public Companies
b) Private Companies having paid up capital of Rs. 100 crore or more
Revised Clause (g) of Section 141 of Companies Act is as follows :-
Its a welcome step by government as provision contained in the Companies Act, 2013 relating to cap of number of audits of 20 was creating genuine difficulties to the corporates and the auditors.
Following Other Exemptions Notification were issued by MCA on 05/06/2015
(Compiled by Taxguru Team)