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As regards rotation of Auditors, for the sake of operational convenience, it is suggested they may be changed once every 5 years instead of every 3 years.vi. In order to avoid concentration, group companies may have different Statutory/Internal Auditors in case group turnover exceeds Rs.100 crores.
In response to the ministry of corporate affairs letter to the Institute of Company Secretaries of India (ICSI) to investigate issues related to corporate governance aspect in the Satyam accounting fraud, the ICSI council has constituted a core group to look into the matter.
The Institute of Company Secretaries of India has sent a letter to the company secretary of Satyam Computer Services, seeking a report on corporate governance, sources said.
The ministry of Corporate Affairs is looking into the statement sent by Ramlinga Raju to stock exchanges admitting fraud in Satyam’s accounts. “If the message was true and a fraud has happened in Satyam it is very shameful. It should not have happened,” Corporate Affairs inister Premchand Gupta told reporters on Wednesday . The corporate […]
Notification of change in COMPANIES (APPOINTMENT AND QUALIFICATIONS OF SECRETARY) RULES to increase the present limit of paid-up capital of Rs.2 Crore to Rs. 5 Crore for appointment of full time Company Secretary w.e.f.15/03/ 2009.
Market regulator Securities and Exchange Bureau of India (SEBI) has asked stock brokers and trading members to complete internal auditing on a half yearly basis from chartered accountants, company secretaries or cost and management accountants.
