Govt gives companies more time to set up audit
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13/06/2014 11:19
Making another relaxation, the government has provided more time till March 2015 for corporates to set up audit, nomination and remuneration committees as mandated under the new companies law, reported PTI. The Corporate Affairs Ministry has given additional time for compliance following suggestions from various stakeholders. Under the new Companies Act, certain classes of companies are required to have an audit committee, among others. Many rules have already come into force. In a statement, the ministry said it has been decided to amend Rule 6 of the Companies (Meetings and Powers of Board) Rules, 2014. ‘This will provide additional time for companies in constituting Audit Committees, and Nomination and Remuneration Committees till 31 March, 2015,’ it said.
13/06/2014 11:19
Making another relaxation, the government has provided more time till March 2015 for corporates to set up audit, nomination and remuneration committees as mandated under the new companies law, reported PTI. The Corporate Affairs Ministry has given additional time for compliance following suggestions from various stakeholders. Under the new Companies Act, certain classes of companies are required to have an audit committee, among others. Many rules have already come into force. In a statement, the ministry said it has been decided to amend Rule 6 of the Companies (Meetings and Powers of Board) Rules, 2014. ‘This will provide additional time for companies in constituting Audit Committees, and Nomination and Remuneration Committees till 31 March, 2015,’ it said.
