ICAI not authorised to clarify on applicability of auditors rotation in a company u/s 139 of the Companies Act, 2013, MCA asks ICAI to withdraw announcement
F. 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.
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 Ministry.
3. This issues with the approval of competent authority.
Yours faithfully,
(Atma Sah)
Deputy Director Tel:- 23386065
Copy to:-
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…
Order u/s 148A(d) passed against non-existent entity is bad in eyes of law. Mere activation of PAN not give right…
Tax authorities not bound with provisions of section 44AE of the Act once assessee waived the option available In a…
Whether seized document is incriminating or not is definitely a findings of fact – High Court In a recent judgment,…
Interest earned on borrowed funds/ unutilized capital subsidy are capital receipts In a recent judgment, Hon'ble Guwahati High Court has…
There is no statutory requirement of pre-deposit for stay of demand under Income Tax Act - High Court stayed demand …