As per serial no. 5 of Notification No. G.S.R. 583(E) dated 13th June, 2017 (exemptions to private companies), the auditor’s report of the following private companies need not state whether the company has adequate financial controls system in place and the operative effectiveness of such controls:
(i) a one person company or a small company; or
(ii) a private company having turnover of less than Rs. 50 crore asper latest audited financial statement or which has aggregate borrowings from banks or financial institutions or anybody corporate at any point of time during the financial year of less than Rs. 25 crore.
MCA, vide F.No. 1/1/2014-CL-V dated 25thJuly, 2017 has clarified that the aforesaid exemption shall be applicable for those audit reports in respect of financial statements pertaining to financial years commencing on or after 1st April, 2016, which are made on or after the date of the said notification.
Constitution of two Review Committee(s) for reviewing the 10 year old and above cases of different regions and in office of SFIO for withdrawal of prosecutions
MCA has constituted two Committees at Head Quarter which will review the cases under their jurisdiction. The Committees would review and recommend the details of cases in which prosecutions are required to be withdrawn including the reports submitted by the Regional Director(s): –
|Committee A||Committee B|
|The reviewing Committee will consist of the following:
||The reviewing Committee will consist of the following:
|This Committee will review the cases of the following Regional Director(s):
||This Committee will review the cases of the following Regional Director(s):
The Committee will furnish the details of cases within one month to MCA.