No. 01/33/2013-CL.V (Pt.)
Government of India
Ministry of Corporate Affairs

 

5th Floor, A Wing, Shastri Bhawan,
Dr. Rajendra Prasad Road, New Delhi – 110001
Dated:- 15th February, 2019

To,
The President,
Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7112,
Indraprastha Marg, New Delhi-110002.

Sub:- ICAI’s announcement regarding clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act, 2013-Reg

Sir,

I am directed to refer to subject cited above and to state that ICAI has issued an 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 in subsequent years. In this connection, it is stated that the issuance of any clarification on different provisions of Companies Act falls in the domain of this Ministry, and ICAI is neither empowered nor competent to issue such clarification and especially so without prior consultation with this Ministry.

2. In view of above, you are requested to immediately withdraw the said announcement & intimate this Ministry the reasons for issuing such announcement without any authority & without the specific approval of this

3. This issues with the approval of competent authority.

Yours faithfully,
(Atma Sah)
Deputy Director
Tel:- 23386065

Copy to:-

i. CA. Debashis Mitra, Chairman, Corporate Laws & Corporate Governance Committee Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7112, Indraprastha Marg, New Delhi-110002.

ii. The Secretary, Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7112, Indraprastha Marg, New Delhi-110002.

Also Read- ICAI withdraws Clarification on Rotation of Auditors under Companies Act, 2013

More Under Company Law

2 Comments

  1. Narendranath Damodar says:

    Well done by MCA. This CA institute is crossing all limits in recent times. It said to supreme court that it is charitable eucational institution and eligible for Income tax exemption on its income. But it also says it is a regulator to the CA profession. Some authorities should interefere to stop this business mockery. CA institute unable to take the extreme weight of CA exams and is crumbling under pressure. Look at Bar council, Medical council etc… they are not claiming to be both Educator and Regulator at the same time. What this CA institute is doing is utter chaos and non-sense all without any authority. Beat them hard and beat them well so let them learn a lesson to conduct properly. Is it a Educator or Is it a regulator- But cannot be both. Some one please stop this double jeopardy.

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