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As per Audit and auditors rule 2014, the Appointment of the statutory auditor has been defined under the revised rule.
Companies (Audit and Auditors) Rules, 2014 have presented a unique concept for the rotation of auditors in the listed companies & in such class of companies as may be agreed on. In the implementation of the powers conferred on (C.G) Central Government, the Central Government in the Ministry of Corporate Affairs has prescribed in Rules, 2014 the concept of rotation of auditors will also apply to follow classes of companies not including1 person companies & small companies:
It should be noted that the limit of Rs.50 crore on public borrowings would apply to the aggregate borrowing from financial institutions, banks, and public deposits and not to borrowings of Rs.50,00,00,000 prescribed, individually from every of categories listed.
Read Also: Reduction of Share Capital under Companies Act 2013.
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