Taxmann's Company Law | CRACKER

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Chapter-wise Marks Distribution

6

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Virtual Meetings

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Meetings

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5

18

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Meetings of Board and its Committees

5 1 4

17

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Key Managerial Personnel (KMP) and their Remuneration

7 2 4

16

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Directors

3

15

3

Introduction to MCA 21 and filing in XBRL.

4 1

14

3

An overview of Corporate Reorganization

3 3

Registers and Records

13

0 1

12

7 1

Inter-Corporate Loans, Investments, Guarantees and Security, Related Party Transactions

0 1

11

8

Transparency and Disclosures

4

10

5 2 1 1

Accounts, Audit and Auditors

3

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Corporate Social Responsibility

3 1

8

8

Distribution of Profits & Dividend

3

Charges

7

8 3 8

6

3

Debt Instruments & Deposits

8

Membership

5

8 8

4

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Shares and Share Capital

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3

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Prospectus and Alteration of Share Capital

2 1

2

4

Introduction to Company Law

2019 J

D

5 4

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2018 J

2 8 4 1

Chapter

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Secretarial Standards Board

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Chapter

8

S. No.

Average

Note: The total marks of each attempt exceed 100 marks as the alternate ­questions are also taken into consideration.

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S I S Y L A N A D N E R T M A X E S U O I V E R P

I-8

S I S Y L A N A D N E R T M A X E S U O I V E R P

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n u o c i a a t e r r a s e e s r n n d e e i u u n n r a u a m m t s m e e e e r r r e e c r r r t i i e n n r e e i S o a n h h e i r o t t y h a s s t s i a t n t d d e e e u z a a d i n e e n e g d d z p n t t t n a a i , t t t n n a s a n i i i m ) ) e e t g ) a m m m P P n o d r d y P g i i s t e C o M m m M m r s i t v v s M l e i s s s m i i o n e i K o o K o g s r r r d D D o R b r K e t o ( ( n C C C o o o r i s r i u ( i l l s t t t a d e t d p e e l s i i s s n e n o n t i vc e t s t e t n e n d d d o r l l l l t n n a a i i i o l ns a a B a r a D n e a u u a u a n n c p i t t d d d s r v o n A A t i A t i i i s s s o d , s s d s o n n o n o o i p p t t p s d i n s r sa p p e t p i a a s a d d d D n a a a a r r r r G f f r n r R a o r t e n n n o a o o C C C C a e d d e d e c d o k s r r P P a a a o y d r r r P l e t c m s n e e e e r l P C P t a a a a l l t g t t n n l r r r r f o a R r a ea i i i i f a p a a o o a o a f o f e a a n w t t c d d d i o i o h o o y B B i B i r r h o u t u h u h l m r c d ap e r n e e w S S S n f f e f A e e S n w A S A S d n u g g o l e g v o o o e o e a pe i d e e d o a a , e m a i i , d , d i r a a s s s i s s v t s t M t r s s s s s t t r v n n n n n n n r t t t D s r r r r a r a s a g g g g g u u r o a a a a a a a n n n l a n o o e l F e e r n n n n n b b t t t I u a u v u M M o l g p t ce e a e e e e i i i i i s i i l v e s r c c t t t t u t t M e r r r r o o o r r r r a p b a i O n r o a e , e e e e e t t t b e a yn e y g y r e n a a r o c c c g c y a r r s s e e e e c t eo e n e e i n c n h o h c h h r e e o i i i l h i t i i M M Kt i Kt D M M A V L S D A A S A S C T R I A S C G S D D K D M r ) ( 5

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n n u o o c i i t t e a a S r r s e e e & i n n r s u u a e t m m e e t L e e r n r r c R a l r r e r B a i i n S a e e t X i o u y p s h s s h s i t t t G n e e e e n a a i e d e e d e a c , z s t t t t n n p g i t t t t t e a a n i i i i n s n m r i a m ) m m ) m n a e l o P P g s m o h s fi m M m m M m r i C s t tc t t o i i & o o o o w d d s g f s s K K e a C ( C C s a e o r r C o o n r 1 ( r l a vs a i l l p 2 s s s n o n y o e p nn o i t e s t t e t e t t o i i i a r I n n l n l e A l l l i B a B d i e a a a d d n d d n t r d ,r a a a d C v t t t t t s s d a u o d sT p n o n n o n i p p i n i i i s p s o d d a r M p p t t p n n a s a a s y A a m e r r g r r n n a a a a a a a t r o t a o d e d d d e r c o c e c c c l & e k a o s L s t d r P a r r P r a a c r d c n t t m e e e e a a a t m n o l l n eP e n o n i r r r r r d f o o a o o a p p t a a o e e d o a a a a a t w d i i n a t t o o B r B B r B i u l h h h a m r e h n h m t S l e S p p w c t s s s s s e e f e f f e f o A i i o u u l l s m g g a o o o o u e r v h h pl a a d i d r d d d u , v i t e e s s s s s a s s s s s a s a i s d s i r t t e s v t n n n n n c n n r r r r t r r r r r s s d d o o g g g g g g g c r R a a a a a a a e e u n a o t o n o o n n r C e e b n n t n n a n F t n t t b l i i t u l t e a a e e e e i i p c c c t M i t i t c i t i t M i t l e v t -& e d r t n t i r o o b r r r r a m b a r r e s m c o e e e e e c e e e e e b b e y y r a a a a g c o e c y o h h o i r r r r e e e e i e e e e e t t h n h e n e l h r i i l t e n e n e e i D D M K M M D M M K M L S A D I S I S D A M G S S S P M A G D S M r

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S I S Y L A N A D N E R T M A X E S U O I V E R P

I-10

S I S Y L A N A D N E R T M A X E S U O I V E R P

5 4 4 4 4 4 4 4 4 4 4 5 4 5 5 5 5 3 3 3 3 3 3 3 3 3 3

a

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) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( ( ( ( ( ( ( ( ( ( ( ( ( ( A ( ( ( ( A ( ( ( A ( 5 ( A ( 5 ( 5 ( 5 ( 5 A A A A A A 6 6 1 1 1 1 2 2 2 2 2 2 2 4 5 5 5 5 5 2 2 2 d

Marks Chapter Name Question No. Year

I-11

5 4 4 4 4 4 4 4 4 4 4 5 4

y r a t e r c e S s s s s y e e e e n e e e e a t t t t t t t t p i i i i m m m m m o m m m m C o o o o d g r C s C C C n a r s s o s t s i t t t o n t i i i i i r B d d d d d e s n u n n n v d a A a a a o r g a d d d d r & r r r k d s a a a a r n g i o o a o t n o o t B d B B B w i u t S e e f A f f f l o o o o e m a , s s t s s i M s r s s s s s a r r g g g g g g g r a n o o l f n t n n n n n n t a t i l e t c i t u i t i t i t u i t i t c a o r e e e e e e e e e t c e g c r r r e i e c e e i e e i e e M D M A M M M V M M D L S ) ) ) ) ) ) ) ) ) ) ) ) ) ( ( ( ( ( ( ( A ( 5 ( A ( 5 ( 5 ( 5 ( 5 A A A 6 6 4 5 5 5 5 5 d

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S I S Y L A N A D N E R T M A X E S U O I V E R P

I-12

Chapter-wise Comparison with Study Material

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. lr s s tis sd e d s i i e t r e t r r s v s n n i s t e i o r n a i a u e n r s a o n t u r D n c v e o i i o do l s n t o d ec a l ou 1 d p p nB o I & t p Sa sm 2 u l s i a o e , s f r r c p e A s d s s e o d o e s A t a h D n n n R i n r R e d P fi C C s a & a C r a D s o o n o g o e l sr c i M r l e a s d r a T f t n a e Le i e h t a r i P i n o u t e e t y n t i S e R a c o t i te n t a t r h i f t i d h d e o n r o tL et o t em a d wi u y r m S n S aa n s gd et nR n r P nMm A c o a a n o d a u i B a o e o&o z i d a v , e pu nn n s r i t t i X s s t s r r t e r C a c a a r C t s n a r r s o G t a u e e n ss n e r e a un o M) a s b p Cs b r I de o u s g i e t -,l t vg di t P s c e o t i r r t y r r n p o r g d o r i m n e n t y R awd t M b o e a g r r a c o o n n a i s r e t t eKt i l i , e ne n c r h e e h i on i e oi l n y mt R A R I fi D K( A T I S M D C Dd Cb a BPa 0 8 9 1

3 1

w a L l y a n t i a p p a m C o e r C a o h t n S o d i t n c a u s d e o r r a t h n S I

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. ln s d s w f s i i i t s e e e r r s o v n s n t a o r nt R i i i uo o u e n a s L n D t na vci o i e o l s t o y i or nec 1 d t p a p o I & Sa n t a se 2 t s u l e i , r r n c a a s e s d s A s p s D eu d o A p r t n n n R a i e p r P fi d C a a m l t m & C o n D oar o r l s o M e o A c l d r T s e a a e L a R t C i P r t n eey e C i n c d o R a i t a r f o n t r f t t e i o d n r t o L ee o l h y a d a S a u S a n at r g c o nR h p m n wn o r P a n A n o si at o d i u B a i e o h e p i d p d r i e , t ua n s i t t X s nn s t s it rue r t c v t a c a r a t s r r o G s t a u r u c C a e a n z un o r n e e a M) s p C , e b i d e t i t l b I o d s u g i s -t vn s P e c o pe e p t y r r r o g d o r r i n m s a o n e r o t yM R t b e a g r r a a c n n a t i g t s r e, t eK e nr l i c r i e oi rh h e e h i n l nmt n y R D K( A T I Ao I I PS S M D C Dd Cb fi

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Name of Chapter of Scanner

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Name of Chapter in ICSI Study Material Study Material Chapter No. Chapter No.

L A I R E T A M Y D U T S H T I W N O S I R A P M O C E S I W R E T P A H C

I-14

Name of Chapter in ICSI Study Material

g d n r i a n o r e B v s os d s t ge r i n r a e ka s s r d m t n g e g or n n a p i w o t c t i l t ee S e e e e S s m l v a M e ay i e m r r D r n l M f a l a a l fi a r lp t a e a u e a b g r t n r gm c o e e i eo e l G V LC S G M

g n d i r n a r o e B v os s s ge d t i r n r a e ka d m rt s o e n p g r a n wc o t i l t ee S e e s l v e mS a e m s M ay i D r r r g l f n a l fi a n a t a a p i l e t u a b g r e t gm c o e r e i eo e l M V LC S G M

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Study Material Chapter No. Chapter No.

Contents

E G A P

Chapter-wise Marks Distribution

I-5

Previous Exam Trend Analysis

I-7

Chapter-wise Comparison with Study Material

I-13

w a l y n a p m o c o t n o i t c u d o r t n I

Chapter 1 u

1.1

l a t i p a c e r a h s f o n o i t a r e t l a d n a s u t c e p s o r P

Chapter 2 u

2.1

l a t i p a c e r a h s d n a s e r a h S

Chapter 3

3.1

u

p i h s r e b m e M

Chapter 4

4.1

u

s t i s o p e d d n a s t n e m u r t s n i t b e D

Chapter 5 u

5.1

s e g r a h C

Chapter 6

6.1

u

d n e d i v i d d n a s t i f o r p f o n o i t u b i r t s i D

Chapter 7 u

7.1

y t i l i b i s n o p s e r l a i c o s e t a r o p r o C

Chapter 8 u

8.1

s r o t i d u a d n a t i d u a , s t n u o c c A

Chapter 9 u

9.1

s e r u s o l c s i d d n a y c n e r a p s n a r T

Chapter 10 u

I-15

10.1

E G A P

Chapter 11

Chapter 12

s d r o c e r d n a s r e t s i g e R Chapter 13

n o i t a z i n a g r o e r e t a r o p r o c f o w e i v r e v o n A

L R B X n i g n i l i f d n a 1 2 A C M

u

Chapter 15

s r o t c e r i D

Chapter 16

n o i t a r e n u m e r r i e h t d n a ) P M K ( l e n n o s r e P l a i r e g a n a M y e K Chapter 17

s e e t t i m m o c s t i d n a d r a o b f o s g n i t e e M

Chapter 18

s g n i t e e M

Chapter 19

s g n i t e e m l a u t r i V

Chapter 20

s e i r a t e r c e s y n a p m o c g n i n r e v o g k r o w e m a r f l a g e L

Chapter 21

d r a o b s d r a d n a t s l a i r a t e r c e S

Chapter 22

s t n e m p o l e v e d l a b o l G

Chapter 23

s m r i F a g e M

Chapter 24

e c i t c a r p r o f s n o i t s e u q d e s a b t n e m d n e m A

24.1

u

23.1

u

22.1

u

21.1

u

20.1 u

19.1 u

18.1 u

17.1 u

16.1 u

15.1 u

14.1 o t n o i t c u d o r t n I Chapter 14

13.1 u

12.1 u

11.1 , y t i r u c e s d n a s e e t n a r a u g , s t n e m t s e vs nn i o i ,t s c na as on l a et r t a y r t or pa rp od ce r t e a t l e n r I u

S T N E T N O C

I-16

SOLVED PAPER : JUNE 2023

P.1

SOLVED PAPER : DEC. 2023 (SUGGESTED ANSWERS)

P.32

u

r yrn,fy y h,t h w y 8 o e o t n c i 3r e i f i hen e h e a i e 9 w h t v o ptbat d 1 p o w h r. e ,t m s at y a r t m t i y a l d s sc a a h u on p i h o r f e t c AA v e a c e t m t dy o h t ; et yonft c I t l- o rI na cn a nteo a pI c ai ff ne a r m m am o soe ec se d r l un ; al r es h t u a y y o w p u u 3 t ra a l t d n s s o n e t c 3 t i o f y l i an s c o e fi h 1 m e n e v i h h Iv l ,e s r vf a n rc at n c y i ro i o ui g nhe do oS pcc f i e atD ml et nsas td n o s pyd n nc ri eagfa e o ue e i mbn s cfnndr a s n i me fi e o t d a o e m g n a i r n f e c h y r yh y o oe rn nl s t e e nt r eo cd oa ip k u v y p f m n o l at c p r o c b t su nm nu pa n r t a a s g y o ad y md i i l mn o bsf al r t u c e r e e oa e c u g a r t g o r fib cp f o i see ne hAi i nbR nc em dt lo e e m i s o l o s i ho no a ci hl o, h t nte t c an he nt s y d c a w fe c a s ss ar n en o s sd t a r fi rri r a t a l r th o ueoed d t p n n c r u n snfn ea u e e e e d ef m q r n y — ; s9 s ub gn mn mo i en mo oe a r a s e roc 9 et ao es s yh c er s tI9 t t n p t t i s o e o e a a e a a a 1 at l t t l h, g t f nmndhc hnt s c t i f s f e t s t n st o i e i fd o t i la lt l rc d c r d na a a f oA feaot i n an e i e i i e e o s c c c s g o fir o r i ne t nu nr aa s i e o c n– a s c at a a f g t c e f a f a nt nc ni o o nl f pn ne fis d fia fid a cs I ye r h e t vf Eo Ans.:

True and Fair view in respect of financial statement means

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ACCOUNTS, AUDIT AND AUDITORS

9

CHAPTER

SHORT NOTE ON TRUE AND FAIR VIEW

Que. 1: Write a Short Note on: True and Fair View.

(December 2011) (4 Marks) Or Every financial statement of the company must give true and fair view of the state of affairs of the company at the end of the financial year.

(June 2019) (5 Marks)

n

n

n

9.1

S R O T I D U A D N A T I D U A , S T N U O C C A

9.2

, rd et eo oe r ht c a t r A d ni re hn ou oi r co q i f i t i e u h a t w r q r a wl a e e t l r no su r g r n t e e e e o g h e t n R t t ;o er3 a e g ha0 r mi y n t h0 na nc2 a yk h i i nn , yc h t aa i d c bh ,B ewA y dw sy e gr ne a s ah nr get ir pt ntc y t e et i ear mb vt t od oa ymc ce g . m e n y s l an yyw go E p n nl a a nl c i m,e aa k s h p t y ot ni t a eh m, ci ad y c be oct i r b a b co r ao y t d af fc b ft o ee fnd o s d l i o o e e e ee g l e s r s s c f s n a i o a s o i u a c l i cq e cb c yd e s ee; el i e h p hr9 hed b t 4 t p t t me no9 nuo i nt ib n 1 s t i i – – –

SHORT NOTE ON APPOINTMENT OF COST AUDITOR

Que. 2: Write a Short Note on: Appointment of Cost Auditor.

(June 2012) (4 Marks) Ans.:

to t t t, f se eoa es nf es i s cs t er ao h b d o aoeo o u t t t 3 e u l t w t t C si i i tctc cl c 4 i a d a a t s s i l me h .

1 s t h s n oamc r )u nac a d i m ce a r ,mu n ouas ro D o r d e e o r c acos a t i i o t f h p i i C t r dc Co ov t t u d t sc ne t to; ti i n i s d d u t d i i f a d i r aS t d ag niu r o n r d s t e e s n i a i u a s p h t n r uo d r t yc i nnt Aol e o wnAi r gd u t s a u c o i nn eBo qat a o er ,s t d i l o heh etn e c t h u t a h t u n n i e t r r u t t i d unf o n d a yta to oh d a y o u d c c e t u h t o cu bb pc e i s r at s np n r v m i s d c i o d u u e eaas. tu ne d ee f s oo q h r tfy r l a d n l o o v d t s l ct ( e d t i cn noy ha d onn r ci 9e r e h c t c naan o e e b e o d i p s n r e as mp i tn u 3i ft hc y hdo a t q 1o t a l t w a m oem i t h r n e p r n hd cmm me odn sa s c i op t u e i e o i f c n o i rnb t a i mo h a o e u p a fi u w B c n u c e r w p oe e dq aeams eb amcr e y n S h p s s e l e r s h e l r r t e r oe l p b mt i rl ore l fir o i a s o t n a e mt u , d ea oe l ds h tel a a hah ds i ce n on ho n r s srt p r t l e c a d t n y h l o e t u t m n e dona d o i e n i l , n h l t t oh; uc rn fit r o . na mu i da a i a 3 s c d a p r r o t e h a 1 o f o o mea fmo h t sd0 m r c s o n - Bttht ebr o a o n l r c i i o c 2 i l r o c y ee d t e udid a o a e n e e o , i h s b s t u h ouw t i ttd pC t hn a hc a i t c i a a t sa c sud pe. d t eA d ci h s b em ) euoae at ) d uls hm ( h a c t fin f e i r al s a ( t t t i oo o tan no nnsoa s c sha a c c r r i i i r o s e c o e r t tp ) ) p i i m t ed d ( s ( ou o huo Na c TaC

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Appointment of Cost Auditor [Section 148(3)]:

u

Further Rule 14 of Companies(Audit & Auditors), Rules, 2014 provides that: a

-

i

ii

b

S R O T I D U A D N A T I D U A , S T N U O C C A

9.3

SHORT NOTE ON INTANGIBLE ASSETS Que. 3: Write a Short Note on: Intangible Assets

u u u u

d e h c u o t r o . ” n s t e e e s s s e A b d t o e x n i n F a “ c d h a c e i h e . h w e i f h l , s t l t u r f e e s d e s a n s u u d r e : t e i s x e t fi e h e h t s e s r s s o e e a h c v l e t n o b e a s d i r l s t g e a a k h s r n z b i t s g a t l t i a h t l n r e g m r i o n i s i w n t s r r e g m I n d a f a y d i e e a o o t p a s e l p e e o a e o r b p r l G P C T D i p . a a g t l ne y y m af e e a t r h h x n o T T E I

Ans.:

(June 2013) (4 Marks)

n n n n n

SHORT NOTE ON APPROVAL AND SIGNING OF BALANCE SHEET & PROFIT AND LOSS ACCOUNT Que. 4: Write a Short Note on: Approval and Signing of the balance sheet and profit and loss account.

(December 2013) (4 Marks) Or Financial Statement shall be signed only by the Chairperson of the company.

Explain (June 2015) (4 Marks) Or Ritesh was appointed as a Director, Finance of a listed company. During his meeting with the statutory auditor, he represented that since Chief Financial Officer (CFO) who is a Chartered Accountant has already finalized the financial statements, he as well as the Board of directors doesn’t have any responsibilities insofar as preparation of financial statements are concerned.

(December 2022) (5 Marks) Ans.: Approval and signing of financial statement [Section 134(1)]:

l f d l l i ( a o n f h a y s r e r , a h o y t r t t n e o c r a y e ) c b f r d e i i , r S d t D a r n y o a g e n B n o m a i B e g p e h a t e m t a n h t o y t a s C b l f M a . o e d g i e h c f e b n l t ni z a i n ag d l r h l ni n o a e fis a h h b t s ) de n u O er e a t o o F n a f s o C d de i ( . i b e l e he r r n o cc h i s e g sr i e h no s fic r ot w f fi f e e c ce r h fO O gr a ) w oe ld ni a v s ( ti i D t i e d u c t n t uf n ou nn o e o l c ao i s se c r np d m r nr e e ox ip i F t p t a E , t r c o a fa : n i f t e e s a e e eB sn i r i r h i h lo me a h a s C dC Cy eh i c t r t e oe ee e np a y h wh hh t a b s n g T Tt Tt l d fi a n i e i c ew v h no o ar Tl np fip ea he Tb

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S R O T I D U A D N A T I D U A , S T N U O C C A

9.4

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fd y d c o t ea e i t l yt i n n . t b d i i i i em o o r g r op p r fi i l e j p p e t a ar a e me g h sat n i i eb )hf c r w n P o e e a o L hc r f l La l l wt s a o ( f poh mn i he e h ra h t wb s t fin r n so u e d ao nrn e e r t b ng r oc i c t r a : i )A r r s c pa l e s d ypn d ad e t r n ue r i d e a l pu e i i h t v b t ts i t r c c a a d a i y Aa n l h l o n d se iC r ( t e o e a te i t d , i r n n h a e a myz ac ta pi inr i l a n i mh u d apo h ow on gmt Cr cI nou o n ci i ca et d hi Ag u d a e t l u dn b i c f fa e c l nol o r i i t f t e a )o rh c 2 m o r a ( s t s a r r . fi i s &n hpr d t o o Cr un st i )t i aaa 1 e a e a d ( t r c yt nu e nn 1 4 fi l a a u r h 1i l na s Wa so a O p a c nu oq ) ) i t d ( c ( en Sa

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, r, eyrdrg n eni y e or i hnonv n va h i t a i a a yi t t t i t npysev t n a r a i d i i u w i l r e mr i h a e t o us h u r s r o t mo h cb ct e wo ce eu a i t r o n l e s s e s e l t ytd t na ; y, y a g d u n n b y h o i n l n i oa s c n ni o t g a i r s o a ad s t e h p ni os e c p gl i h h s o m r y n at d y m i T a e h ae t o ey t ds i .c o l rme r vb 0 n c o t o c i i u i t ,x0a n f hs c g 0 c r o i . e nye,f oeet s n 0 o t s k i h r s e i 0 a o d yr a e , yl e rc e p t t n o r 1 s y ei i no e cet .a r o nh ahmes w u t l b e u ol n Rc r sc gt ch ; p a li y age. e ni y tl r h a i v s s g , n m pn nt fn d ho d e i o a e /a e l y i n p r ep o ricdnt neso d i v e i b o m a e ho r l i m r a i e i to v r t s,ofceu l a o e i f o y c g h i c c l x s b s bi ; c c e e ne er oea y a P h i u s fir e f v cr i n r raq cyti L h i i d sa pdc t unol i u i a L t o h e n a p s r sp h qdea f r l p t o fi b o l e m t c o r f p i m h a o , u r o a o o c e y c h eu es ouo r c e e fn s f s y c s s s ps o x e e l o e r t oi sf ehll t e y y ea r o a o p s hr hcaa hso i l l , p mm p e wodtuet ntas i t i nsbi e sy o e m p m r a h v nysi c ta hi r e oe onbtota et o e / md saussnc a e e h s e h e p r r p r iy r t r o e eve hvl r e a m t e e o t o r n wne ; p p a ex l t e t c c i bh nt orn ue h na i t Ac r oir o rs I ts a y fi a ssc i e d f p r r o o e o y e b n n pt s s na A A A Ai u

y d Ai b a . t l d n s e et n n me g i em . s t t a er t e o r t a p st a ls e a sr t io n c t i n es d mh ae er nh o fi t f c a t a r yt s o rt e t li a va d e i e c nu ob aa t o s ne l . fih d a g t e ln e hl o i ht ca t t ahe ,n t se t y o sm a i ns r as e l oa pi t b r c mm l e e l ob a r n i e Cu hD s sfg nr t n oo roi sf dy r , or p r e n eaa o r Pt op ec ’Bm ne s r r s Oi o t o i c t fd i ya o e d en ube t o s ar r a oo y ep cl f n he e no Trb I u

SHORT NOTE ON QUALIFICATION AND DISQUALIFICATION OF ­AUDITORS

Que. 5: Write a short note on: Qualification and disqualification of auditors.

(June 2014) (4 Marks) Ans.:

Qualifications:

i

-

ii

Disqualification:

Section 141(3) of the Companies Act, 2013, read with Rule 10 prescribed the following persons shall not be eligible for appointment as an auditor of a company, namely:

n

n

S R O T I D U A D N A T I D U A , S T N U O C C A

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tyl so efg,; e ere y gh n nr t s la unn ta i eonyn h hov nc o n s e n e a a i t t s e u h o y fi t s i a s m i n n v d e r s t t m s s a f d l i l m ons p s ae e i w s s o o i o t t a f d e , r r s nh s mt u opnts vo a e n o t b e i e dpe ne hao r ni l udsoi b n u i g “ emp o r c l a n w e get t p t t s e i a n p ou y e s h a r a b b g f i t m a nnpt cd s pi e er p ad ec a n f t o a p y n a h o l n r e i i d, deo ma o sphr ee d r ,o en nt er y l h r a c f l c h o s o o v y i i mu p f co i r t o e s i l f c e i s o m a e t g P h sce o m s v r t t e i o c y m i h c i c l r a n s ; d f n f e s e h n t x e b r e rs i a r ao eooah ci a s r e s r e o i h e a s h t g r m f b e u e d t f nr a h , i yp p or nt t ri ; e hv l o y t nr t d t a nm oin wuse u r i wi te , ao n sf a rdion a d o e d g s e s r y e n t i peu pn t b ri ,d sc p o i r u s n d o i y s r s f l a h a a i g t o riam ai e i e e o l t p i od t ptrro ys c n a p s l n e l o c d b r t n i i n t eta o g i re m , o a n n u d d t a c eh a s o n on l y tp i l o ea eo l es vs op e sn i r yn r nnsa i r i v c s c m p b t o i t e m h a b h v o t , r a i a t d s i u n y i y p s e m c o l h c rga t s l I da r o; e ntcs t t e onr anmss ro l eh r i o i t c l e e n r s e i t oae e f i yd er h, s ; perini c er l o r a r d c y o m r i n r P p ty i e e o o s i sa t ah a l v i eou en d oi aM enppr b a a r s h e p y n r p y r e h d hi nn i out oy sK epoap nh wp hg i m s i wb h c m ; i a c m cl rp n ngeoe r i eoak ,m e w e p u t o n e o o n o o a rus s vo tc l m si ce nt c os h p o m n e r l e i y r d y e l0 r t f fb on l u eo o e o l o u so nt e t a ot o son we r a b t c 2 f c l h a c t o p a r hi c o hh e ve t o ee d y e s r n i n e e r h wo f mh r r ttr n hdp o r i a t r h i ac i n rpo h a ei l we ao rt d t fi s r h i u r d l d e i nyi d ; i s s e dc t ,o wy seh onda nircs op o t saih ovioe a n oa oefmtn h r pss sohsc r”a hs hritoad h b a r p t e n r s 4 w w ; o e o x e a w w p i s s e h i u r p n 4y l . yae pms do h e e o d nn m ny nmb ns i i n1n o k prnr p i n i a n n n n o o Ac A o n oaoi al a ofgpaau oat ona s s s o c i c s s o a l o r i r r p p p p d r r h i e r i v e e t e e e e e u t m m m n o t a r e n p pm p pl p c ao i a t o Ai roon Ar ec eo i so Ar Ac di cco fc Asc u

-

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9.5

n

-

POWER OF DIRECTORS TO APPROVE THE FINANCIAL STATEMENT

Que. 6: The power of directors to approve the financial statement can be delegated to a committee of director or some of the directors. Comment.

(June 2010) (4 Marks)

Ans.:

l l a h s , y n a f i , t n e m e t a t s l. a g i c n nn i ag ni fis de er t o a f de i b l o s sr no t oc ce gr ni i D d f uo l c d nr i a , t o n eB me h et t a y t b s ld a i e c v no ar np fip ea he Tb

Approval and signing of financial statement [Section 134(1)]

Thus, to approve the same the financial statement cannot be delegated to a committee of directors or some of the Directors.

Que. 7: It is not obligatory for every company to preserve its books of account.

Comment.

(June 2012) (5 Marks)

S R O T I D U A D N A T I D U A , S T N U O C C A

9.6

Ans.:

. s ed r ho e t i h ,r y c e np u ar o pe v g mn h t oo i Cl w r eo g hf n t o t fn l a o u t to n c c ec u pa o sf c e c o r a s nk f i o o do s eb k r o e e o dh b rt op e v e ne r e e ek s bt o e r st p a c he o t r ni d od e i y t r i . aa s u g m r i qa t ee t s r n y ee v sl i nm ya i i n nc n r an a e pa f v mn io , G o fi r e C8 v l a yt et r s r wn a e l oe vf HC Eo Preservation of Books of Account [Section 128(5)]:

. r d: e e es d t vw f o . oo a t m n rl s l po r c u pf a i o as n ; e c e o c y ,a r s r a s t t u t e n h t c f i a er g e o l i mo n e e s k ug n n o i ce i n s o ot t a a h n t b dc e t n s fo n s e t o w a s m i e e nt m l u v t os r t c r i a e o t o e a e p n d s l vt : n e e fs r r o b i a n e p a s n l do t l e o i i n a ot r t i h ic pm s r a y a e e n rh s m n pn ot a o f a o p n i yg t or t m t a n d i ci t e i o v t l a y r r c o f vn i e a i ps u r y s v q e r s e aa e s e r e v l e e el p r r e r vc y e p , as t r e i s hr o o hh t o f t t n l lt h i e f y c a w w o r d he o sr s sn e t i t t t o a yD n ni s i t g f e et l i i t e l o m ml e b n h p d u u er o t c c m , da s r i eo o oo e D D t c t v i B s e s i , ) ) l s w u t ei o h hy ( ( H T Tb Regulation 9 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 provides following for preservation of documents:

a b

BOOKS OF ACCOUNT

Que. 8: Where a company has a branch office, whether in India or abroad, the original books of account, records, etc of the branch office will have to be maintained in the registered office of the company.

(June 2013) (5 Marks)

, . . r ye ey nn no c h l i hn rt o t l c h ,t t i a e un n a y t t fp co , e a nc i e s o a p d r r as d e cm b oh r do t fn i o o i t e f t e r a p c ,r o ,C e z r y s i e e po e r e dh nt r k t e a s r e ah , t n t a of md pt ec n c n c fi o s mr u ma ee n ef o r o o i u f c e bo , c c , s t t c fi c od n n f e r e fi t a u o e f u h dr f o p t o o d ee t o o c c f e r d r c is i s o c r e . g u p a k e a r h s t qe oc f e e f e s er o t o o i h h n s r s g t ba se i cs . e t i g k h k d l r n . r a oe c rtt ne B ao a p a n o n s o r er e i h e s s y a n b b b g t t h e r i ln oi rnk r e t a B u e a t t i nd a tpr of hh t d t e t o i a a n e e m p g y r i t y i r n e t d n a on r i . t i p e e t i a u o a l e eCu n kc i p q t z e k i l fie eo ib n l a m c hi r i f hc r a s e a t a mn t o ho ec b m tm oa s r o a h l l f n t p he ac ae a meo is i t n sh b d c uc s we t e y a o n co. a t s fik e r r n t I r c f n o b fit s y o e e f u e o o fir o s i v de o t l o phb fa t o h a i o c a c r t c h s m t e hi h t c p nr cve cl t r p u e a , r c l n a e a e s r i o p r n r t a f e n r w bh a n rd r o i e o w e r o bir e h cc s ve t y o a n e c k ehe bt l fi i f i e hr o wtc es d f i a s f t e s ht o oyl o i nf t r r T b Hbp e t I I r h o i e ,c hat s c u n t e ua r qr hr uti Fa d Tb Ans.:

As per Rule 4(1) of the Rules,

u

As per Section 128(1) of the Companies Act, 2013

u

u

Que. 9: A director has absolute right of inspection of books of account. Comment.

(December 2013) (4 Marks)

S R O T I D U A D N A T I D U A , S T N U O C C A

u

u

u

.

fdao seo or t h e,t s yetdrsi p i e i nafru n n apoaqa o e i pdyor t nB pa mn oaaesmm c rhioi s y t ykotnCn s f o r la ao i l e o h vba prc a m , et i a r u d o r e ,n t S c n 3 s 1avI i . e 0ve egc 2ewnhea l i t Rl ,eo e , r H t s p c e c r e a . r h Aee d l e t i hcp c h st i t freho e o t f i e di n doh t a towa pndo s e a h e l it mtr df hr nt ec f. ou aooC u Co s i sots sO g ece R tB e hcr a re e a t th dh ffsp t t dt o o i e ao n sa tke )k lt 1 l ( u oseh f 8 2otbW g 1bny . e n a e i nem d v oh mi i t e c i g tptte a n c g et ee ud n so s y i k t l c i a rdi ca r e m n c n w pa i na e s afs nd Aenor ia o r i e st a f c c k m pdo i e t en r oi o e r nb pabd

u

u

r na i of e i h to t a s ct d i n n n a uu o s mc t n mc u oA o cl a . c du w c nn a a l an l a f nA o u o e i n s t t h n a n a nt e an e i m l h p e t xd r f ee i d o u yv i q s r e e a o r r s r s u p e e g h cn fi t eo t i e nt e h sa e t e m m dr n i o v o o t of n rn o y pi i r t l o a a t t n a i a v c l fi p e i x r h . a ee t l f. sc c o e y n e da n i ea r c a v mp fiy o i o rn e sm p g h o ti fC o Is T

Ans.:

“Notes on Account”

u

,d f tn rr yesey y a o o l l e oe c he e a r n en f h t nb c t h r a n o y n an t u fo nt oosr t u o e e d eo i l s o n t n o e k i p o ph s n c s . c c o r h a st ou a s ei oma t ps di e n r p e o es seee hdo etelr u r r bt l i n d t b nt y l e e a s i i o n la ls h hna ead o l l e up t t e a m a d d e n o o k t i hs h r r eo tu i s aan su y t d s n t c o . a t h i ncn ep u s n rhr t a d gy ot e od oyaea an t pyu ne ibspp s t b ano di c i frnm deea a e d e i pah n r l e h o i ev cg ps imc r t p a fi l c s t dm o h s s o n a i df ee n e e efi no t rn n h n tbr i bok ac n m i epai s ilp , eat y t s a l seu h o i h a n nh nh se kh t Tmc i b mht ey at ot .ni g s of r y g nsc pnn oh ob oah bo n one mi sw t j d a o i n i r c tp os b ce rer t i n e ean e cu atu ce n r mpo h fi h i d mas er i i o t a m d f g r heoat r r s o t o u r o oro ttcoc b . a l o e d t fot fngte d p o i c a f o r p , n s nec nn e e p d h i n w n s are ii r v i e r t d e l i e i o e c i l a i l h a z i t d i ts g r a l d n e o i i t r n i ota i r c i lh a y h c e r y l ug o t i . s yomp t oen nnn d hfa e l ri s cra aaa itohhv al n n c s a t s n i r o u c e y fi i y b o n h f o ywg ah i b f fib u a t n f n o dot e c i h s s c ft n n o n t o a a r d e t c o e f o e i o o p i a e r d e j i o s i h i s s d eut e cpbt r mt d e t o c knn ssc te o a I s c f d o o e c f e p oi t ez n cop epocee r n n ot i u bci ess ped np rull e b e s i n e e e h r t p h hox p e oau i i t e c pa a t es t c p c n e r ry of hn e sc oo ooh l nc nbB nb Aas Ti p oi I f I tt u

9.7 Ans.:

Inspection of books of account [Section 128(3)]:

-

Que. 10: Books of account have to be kept only at the registered office of the company. As a corporate consultant give your comments in this regard

(June 2021) (3 Marks) Ans.:

within seven days of such decision

e-form AOC 5

NOTES ON ACCOUNTS

Que. 11: Mention the importance of ‘notes on accounts’. Will it convey meaning to stakeholders?

(December 2014) (4 Marks)

S R O T I D U A D N A T I D U A , S T N U O C C A

9.8

u

-

u

As per Rule 9 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014:

u

sR s sd i a e n n h i c N a t a t fi I i e l i f l i l n m o a c a a ai u r s h y f a n q t b t d o s y i ne s d r s n e ac e i a l v t e es t l n oo l c i r . u o ne n S p f p h at l C l ea nP t p s i hh a i g t n s e n e i s h ss. i a b. a t e h t g l i 0 n c l p nl d oi ye 0 i xb t h t au 0 v e , de ea aw0 er ld ee i l vr 0 a r te, mg o i ha nn5 f u m s o fi qd o, ts chR er ty r a r N t r ok ,i o ya I pr Sw sb nt C a o i e a e .r rd pry m Pet c l oe me d re rb ni t n oan r a i e e oSp e d r rht h uv Cy e t esx an enm n h cie l o h a o i t fin y c u C f t a p so o pa i y fme r r r l o m o o e a yb u oh t t t n c n y d C e h lc fe o al r at o u r i a g c i et dns it rhh o a D a s i s d w v e s yy r fr i nh t t ne o oe o tc u a s c i d h a e t e rb ptb u brr o , a m 0 P l n l o d o 0 r l o o e sa e B o 0 i c , e t hht 0 e n a r c a stl 0 hi of e, ft eT or S1 o It tI

u

ysy ’ r nd a ar t pae r moc oBe csS t i dh y et n t ia s wp i l xm ye r no e vnC eag n li ,l s ai ht sc a sr s a P l y c db en be i v r i c g s , t e r r po op e t r . gt m i nd r i g o uf na ol d l a e e i b r ba i r yt c nes are pcr e p ms n oai c,) t arS o dp C ne P ar ( Ans.:

ldg t a s nn i n c ai i w nt a g a fi o l a no l o fir s a epf s hde i s t nh a eat b n t t a h e o s del i a h l c c use n w e l e o c d e dn s a r t nl u aan t i b u d ys o . f s n c t i t i e r n c e a p na o s l i i x s . a c t s n e d a e eo os i d d i t c n e c e i l a x e dot l r o . o fip ec s e p dsn e e i f m g o d i nd e r o n esh . o c g t n n i t g a t t n o i nn n n i i , yy i d e i u t t enl n o a i v y n v r al u n a c u a a o l pr I . c a oa r f fs sme i c p v o t s o ct on ta n An f f n n o o uCe b a d o el oeG fc d i . o m a ch t t fio o a ct tu n i s h h af a u i r n t t u s l ec e e g a noo: a i r c M M V B oncs Ta S r c oa e st i .2 . 3 . 4 . 5 . 6 . t e 1 ist t s sa o oo Np lm u

SECRETARIAL AUDIT

Que. 12: Explain the provisions of Companies Act, 2013 relating to ‘secretarial audit’. State whether ‘secretarial audit’ is mandatory for all companies.

(June 2015) (4 Marks) Or Explain with reference to the provisions of Companies Act, 2013, the meaning and importance of ‘secretarial audit’. Which companies are required to get the ‘secretarial audit’ conducted?

(December 2015) (4 Marks) Or Who will appoint Secretarial Auditor of the Company: Board of directors or shareholders? What is the duty of Board of Directors towards secretarial auditor and audit report?

(June 2018) (4 Marks)

u

As per Section 204 of the Companies Act, 2013

u

As per Rule 8 of the Companies (Meeting of Board & its Powers) Rules, 2014,

S R O T I D U A D N A T I D U A , S T N U O C C A

9.9

t r rs 0 do ms e o 5 e e oe i st f e rp R i na f r r u N al o a r f s I r l o o g e c l c f nr . o yget i o 0 b tn n l w r 0 a eiau c 2 o d d t r o i rd e ntc p r R e has c a or N staa c b l s d i I t t eo e u rn i f t r hn , ou ot o e a l h r i sh r u s onn ne e o r e an v , p r gk b oo o u e f l n a u n vi t s r d t go o i s s e s u nn a i ni t b i x h r p o d l t a uel ni a t f , t a au o g ,eh g t l t b n s s i s a n i e t t t i y t v s s i u v a n a n p o oi a e h a m p h l c r m g a y e u i y n e es n c i pr n t v a n a a aat e a p a p hhcs h n e s t mr m i l ha r f o yc oo c optc i ; n u ce i s F al n a r c : co d pb i a i i sn l l a mu b g b m i p u nf op. u r r i r e p c e po o d o w r ho e ; so ye r ye yk t t r r i m r er trd e e n r o a vr vo va ou r hb m Ec E Ebo a t ) ) ) ( ( (

For the purposes of Section 204(1) of the Companies Act, 2013, the other class of companies shall be as under: a

b

c

Explanation

u

Secretarial Audit Report

n i e b l l a h s

e h t f o t a m r o f e h T

Note: Inserted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 Dated 03rd January, 2020 Amendment effective from on or after 1st April, 2020.

Form MR-3.

Que. 13: Chief Financial Officer (CFO) of a conglomerate is of the view that secretarial audit is mandatory for all the companies. He has approached you to determine whether secretarial audit is applicable in case of the following companies : Amount (` crore) Name of the Company

Status of the Company

Paid-up share capital

Turnover

Helo Ltd.

Listed

49

120

Jam Ltd.

Unlisted

38

500

Butter Pvt. Ltd.

Subsidiary of Jam Ltd.

7

26

e s a c n i t u b e l b a c . l i 8 . p 9 p e a g a se .

P il t i b n d a o uc i 9 Al p r lp a e i t a r p a t a t o h en r C c s i f et o Si ,d 2 .

1 d u n tA l o La i mr t i s aa e t u Je Q dr nc f a e o .S r d , e . td w Lt s oL n l . t A ev r HP e fr f o e e t et R s u a cB f no I Advise the CFO.

(June 2021) (5 Marks)

Ans.:

INTERNAL AUDIT Que. 14: Answer the following by explaining the provisions of the Companies Act, 2013 relating to internal audit: (i) Whether a private company is mandatory required to appoint an internal auditor? Who may be appointed as internal auditor? (ii) Who may be appointed as Internal Auditor? Whether practicing company secretary (PCS) can be appointed as an internal auditor?

(June 2015) (4 Marks)

S R O T I D U A D N A T I D U A , S T N U O C C A

9.10

Ans.:

u a l a n r e t n i n a t n i o p p a o t d e r i u q e: r y l ee bm la l a n h, ss r so e i t i n d au pa ml oa cn r fe o t n si s a f l o c gm nr i w fi oa l r l o o f r o et hi Td As per Rule 13 of the Companies (Accounts) Rules, 2014, makes following provisions relating to internal audit: -

ly e y a e h n n i r t c a p na g t t e a a a n h n i e e t r fi r r u g o o c d n i m lm i r e b r r r u uro o. o o d p ; s m r r sa e re ea r oe e ee r o spy py o m ku l ua l s n a r r e r i i a ec e c o ben r r p n s oa oa u e mr r n rn e c c o p e r fie fi d u r f g g v e r o n fi n sr r i i g e d c d d y r nn e te i o y c r wuc ne t fr c ohe er r fi w o d rep tp r ; e n fr e o rr ooe fh a le do bgh ot t ; s n a r r y n t t g i l ua oig i n n s e d p h a i y s i or e ai n r p eu cc ol a u n e c a ox d d d ea wi l t c r n f e gee gm n a m s nn ni h fio a i i i sg rn d t n e fi o t d f i f n n pi ud vg ato ao u o t t e n t t t s s i dc ni n n t t t r d i i i e s u u ue a o o r n Op T Pp p c Oi ) ) ) ) ( ( ( ( (a) Every Listed Company. (b) Every unlisted public company having: i

ly a e n i r c a p nt e aa h ne t fir g co n i lm i r b r u uo d p . r sa e re r oe e o s y p m ku l nr a r i a c o ben r s oa e mr n e c o p r fi d u f g e r n sr i g e d d r nn e i o c r wue c ohr rep d r ne er o r oh do b t ; nr rgg n o ua i n e sd hy i e n r ol aeu c a wi ox d l tc e f gem n o s a nn i i rn d t of e v fin i to a u og t n t t ni s i n t t rd i s u ue o np Oi Tc ) ) ( (

ly0 t n a c l 0 a nn u . ro1 dy s e R a n n r t o o N a n d t i cp I i e o nds m t t aud n o d i e tae C o r l n a p c a i e oh p o nx e B a pr t peg ef e atn ho n b t i oiw ys t e t n bt i n o a . c yi r r di nor v o ei apo t ) t dc i ppb S i d c C s mat ea u P a d ooi d n l ( ctr e y ba a r edo e n e t s y r r a r a i n a e t o vu ; o t e r m i r i qc n r r o t i e s c pr c t a 0 e n n S n ys0 lu a a a i ; r 2 r t e nf t y o n n vyR e i o n n u ea t i h o N a s n t o p p rpI a s c f e oms p m t c n o f f a o d o A u yoe rt i o c C e r p d d o t oec e c ru d . t t g x r e c a r a a e e e n h A o r l dvr t i t t i a s i r i t nr o i u e a n q s d t ap v hr h o c u mAo C C ce e aa r t n u r l t.r A A Sn e Pa r i o u b o . n , nt t e ) ) ) s l u r i s r l sd e ( ( t a ( o i t i h hn tu r f a c s Ti I i ) ) ( ( Keeping in view of the above provisions:

i

ii As per Section 138 of the Companies Act, 2013: a b c

-

(c) Every Private Company having— i

-

ii

iii

iv

ii

S R O T I D U A D N A T I D U A , S T N U O C C A

9.11

Que. 15: Advise whether the internal auditor is required to be appointed in the following scenarios : Amount (` crore) Name of the Company

Status of the Company

Paid-up Capital

Turnover

Outstanding loans and borrowings

Lala Ltd.

Listed

49

195

99

Dilo Ltd.

Unlisted public

23

200

56

Craft Ltd.

Unlisted public

50

123

65

Wood Pvt. Ltd.

Private

55

186

89

Can the following persons be appointed as internal auditor ?

(June 2021) (5 Marks)

eer bbe t oon t tI d s eda e r r i d i u e u t qq n ee i r o rrp . otp o t 9 i . na d 9 e e urb o g At n a li a P adc u n n r ) e o t eAc l 9 n n a r Ina , e r n . t i e d p F t t ( n a L h tIM ,G C f . f adD r t o CL 4 d .n 1 dt a n nv) o aPR . i d t d s t H o e Lo ( u oW t Q l n i e f D fd o i ,os . r d er e e t s w L a P s c, n a s l ne A a I Yr . r L. .o e fdd t f o eed i e t t R en n u s i i a A o cop p l ppa na an I

(i) President (HR) (ii) DGM (Finance).

Ans.:

-

Que. 16: Perfect Pvt. Ltd. wishes to appoint its Secretary, Satish, as an internal auditor. Referring to the provisions of Companies Act, 2013 .

Advice the Company.

(June 2018) (4 Marks) t c u d n o c oy ; t n da rp a om Bo eC he t h t yf bo ds ee di . t i , i r c 3 v o i et 1 t i dc 0 d 2 au e , bd a t c l yn a A a a n s s r mn e e i ; t n r so n i a o a t i c p t ln n a m n a ; nu t o ar f C too n n i e s i ts ho e un t o e h c p af fp t c t oo f A a n r o to p u i d 8 do t r 3 ec u e d 1 rc a h e e A t r l n r t i a t on o a u s i t q h re ho c c e e CCu r t n S A A S e i b r e ))) l l p a s ((( h A s

Ans.: a b c

Thus, Perfect Pvt. Ltd. can appoint Secretary, Mr. Satish as an internal auditor of the Company.

Que. 17: Ranveer, Chief Financial Officer (CFO) of the company has made the following observations with respect to the appointment of an internal auditor.

Particulars

Observations made by Ranveer

Existing employee of the company who is a Cannot be appointed Chartered Accountant having experience of doing internal audit in past Association of Chartered Accountants, Azad Nagar Can be appointed specialized in internal audits

, ,ea l tey t n hn c ahn t t A a r t f y e n p so t e ub n i e o m i n eg cdo a e C y cd po n Ai e i mlo p dch e t o ed md f Ce r f e o eo f s t ge o be r nc i a 8i t hyi t 3 n a v s Cm 1 e i i i t x . r n a c r ee sa o o ,a i tpi 3 t t a xd 1ld c n 0a eheu a 2n StgA r s ,i on t henl i c s t e a o v i As v i an wn t e r sf he c e ea t o i cRtn rn u n n n f aI ape yt ab r . d pe s na h r mh r t eud o o otft o d ca e ct Cooi c d t n amci ehi u A hcda o n u n u t d p l io fsaa eiep o r rln rt a e 8oar aat e v 3 ne sr r r t t b 1n a ne e n t o ati sho nt n i bCn n t on i i a ao n t s t u c c s veia o r u ec c da eho, Sc t nd sths b t rAo e opwa e t c t e n ps y p e cn sooi h o x n a t ACtp i ep d , p s t ra i 3md aa u1 ;o e h0ou r oBb T2Ca ,cc tig n nna ea iru r t dg t ps n nr usn eo s . p oe ot encn cn daci e n a sdm ni fu i ne ho bag t ei w hw r ea t eev n syihi v a t i t t i eo c tv r i em ie dt d t f uchnoo r a t Al raps l a ls o a m sr a ia nifc n a a rr onse e a i e pt t ni v ci pa n fit as I t os de t uan h topat i m i o et r d t uaoa e avCr l b nfeoa h p aotr c i gol sen c p i ci p r tnd e a i uh al d i s ul ctw noa Api d l lmsn a on c. ai y i ci ot r n ma a tc t k a op A e l c r s nm s e i c o e g ehe co i Scl n eC

te r yys o bao h f t dmC d f e o e , o t t b h c n i r uwar c te d n s nf f c e i u a ot r of cs p cf . t co st i md iA i r d ru tu o oA i d ae f d t l ulr o n a Aae nn a. n y t tn r se lrrn e i a a t nthua en rn op C r i I e cm e eec e t o hh n h Tt bAC I t t e y rn e a b a r m a cp r r so e i em v f . bo e te y n n rh oC o t a t n p g n ap e sn i cm R a i d s hi ro e oC td t i tc t i i i d v e a d d o ur uh ur aP n At Ap f i ly lo led . a b a a b y e i i i e r o r r r e t b a t a a a u y i t t t t r d o o e e e e c l e r r r r s p r d c c c c i e ee ei em eu r Sr S Se Sqp

-

Form

Internal Auditor may or may not be an employee of the Company.

Employee can be appointed or not?

-

Who can be appointed?

-

-

-

Meaning

Internal Audit Secretarial Audit

Points of Distinction

S R O T I D U A D N A T I D U A , S T N U O C C A

9.12

B Pvt. Ltd. (a company owned and managed by Can be appointed Chartered Accountants engaged in the business of providing internal audit services)

Examine, whether the observations are in accordance with the provisions of the Companies Act, 2013 ?

(December 2022) (3 Marks) Ans.:

SECRETARIAL AUDIT v. INTERNAL AUDIT

Que. 18: Distinguish between: ‘Internal Audit’ and ‘Secretarial Audit’.

(June 2017) (4 Marks) Ans.:

Form MR-3.

AUDIT COMMITTEE

Que. 19: Explain the provisions of Companies Act, 2013 relating to constitution of an audit committee. What role does the audit committee play in the management of a company?

(June 2015) (4 Marks)

S R O T I D U A D N A T I D U A , S T N U O C C A

(June 2022) (4 Marks)

t si s d a u l c A rn e ha t e o t u hi t ct us sn o dc nl aa l yh ns ad , pe mb i or cc s de er t p s i le yb r y e va em fs o a , ss r e oi t n c a ep r i m Do fc o f. e doe rst e a t i s os m Ba lm ec hro C To

; rr r gi e o o o nm r i o e sr e wo r n m a o oN o l r r r o la o lc C o f 0 d e g5 0 en r n 1 ha i o t r dR R c N n de N I a ne t 0 I t t g ai 0 s f n 1 t ym o i u : n d d R o l amr e a N , poa e t e I t i c mCo p f x a o ot iB a ge cd e c r et s r e duh p i v gs eAt u g o t o f s n d n ap i ao i l r e a e n u i yee d p t r t t r e t u a g go i n vt n i m h ei s i t v t e v s fn m i r a au o w h ht soo C c sn s r s e e ol ln i e e ib i t ao n n n c i h a es a ae t p r a p pd i s r m r m mo De e o i o c n o fn s o c g au c c cn dpm c i i i i rm l l l e b b a w. b ; ooR ue u uoe p Bcd pr rr p r fn l o lo l l l lo eo a m hs A A A bm t n . ,eo . . s i s t a a l n c

l h na t oc i i s w r n e a s pn r r fi o i t a c he e h C r t i s d t d i e n g e a n r t i h s d t r ue l m d c u nn i m eu i ed n t i . i t n y mt i ma ar md o a fa j oe o C r tm t s i o i a d s t n y og ut n A ci i f l i lm o l b r a s a r ho e f ss h bt er mi eo t t ew t c i ms e mr n fo i o md ot ys r cn t e ip . e r td t i o n d n jee a ue bm Ap m l e e l t ed e a a hn hh t TI Ts s

n

n

n

s . l a g s n r n o o i i t t e s i s d e u e M f a o e y r h p r t o n s t i n u i d t a a r t t a b s e h d o n e a d b n l a o a t n e t r t h e a g t g i n i r t i P h s e M t v i n K w i d n o n. o t i a e t r r e c e t o a w t t r i i e d m o t um P n I Ao : : ) : ) ) 6 C 5 7 ( ( ( t 7 7 i 7 7 7 7d 1 1 1u n ne . nA o i oc o e i i h t tv t ic c c t e ed ef S Sa So

u

Composition of Audit Committee [Section 177(2)]:

u

Role of an Audit Committee:

9.13 Or

With the scenarios described below, examine whether any of the following companies is required to constitute Audit Committee as per provisions of the Companies Act, 2013 ?

Name of Company

Paid up capital (` in crore)

Turnover (` in crore)

Aggregate outstanding loan, debenture and deposits (` in crore) A Ltd. (Unlisted)

8

75

55 B Ltd. (Listed)

10

75

11 CA Pvt. Ltd.

8

110

11 D Ltd. (Unlisted)

10

51

5

Ans.:

u

Constitution of Audit Committee [Section 177(1)]:

u

As per Rule 6 of the Companies (Meetings of Board & Its Powers) Rules, 2014 i

ii iii

y b d e t u t i t s n o c e b o t d e r i u q e r y l i r o t a d n a m s i e e. t d t t i mL mD od cn ta i d . d ut aL e hB t , . d t L A

n

n

l t y tl em s e r a a ema uu h o m e s mc s l om t i s l y m h a n c . y ac u i e s a td i r e muo e t Dmt e0 es dei m2 enu q I t nhm 1 t l t . d m l a i e a n n ms ro h so a oa c n mp h s oft st i y org i s t d t n e cui i e a r ut t tpe d gi i a no i se d lv t e em b ui o d h t aem Or t e o f ,vo t . . gpf s s ns r s o e i e g n r 5 r l i dn i s o t e n 1m a nt i 0 aobt s c i u fae 2r ptme L ore r ( eui ml ,o Isu eam d ob e n e canf Bo qt yo ta rmo Eid i ci w t i s u l d San mnt e b l a , r n mie u s udma i s e s g psn oe o i g e e i a n C n ds w m R mB a i ee ti t t ,e p t i t e e h ) s d eu mt mmt s )b i l 4 i u m o n y e n tr A(s uf r ob cef p e o fou ua m d e ho o l r d eee rT q t i fe r ees s c i s be b i e u l a id cmn rqm uae oeu nn pb FRn I

Number of Meetings and Quorum :

u

; te see r e rs a g t t e o o h r hu e nat o s s t t i d p e r i n m ss w t e o ef au e r o p r h o dn rt o l u e t i o r n v r s gr o u n o oc e e nr boo ro e i r c r pt p d o c ogc ,d u r 0 n n s e c r 5 a i a r t n t e s i 0 s g o ai r u 1 tn t o x o q i n l f ei r ud e o o g c r e s n n l 0 ,e a e i e a e 0 c r d t t , k i 1 x a a e nb a p f ge s t a a o es t e c e y s r i t r t i b n g a e p s u a v go l ml u o p a o p a r h d n e m e n o i ; a s r i d s s o a r u e p c gr s e ct t i v g n a g no n e o n- a n is v e d h h i n i ae r p t t m v wa r r i h m a s u u w e oo a , t t h t o l s l B c n s a r,t s e o e e os e ib f e c i i lts n i n fh i n l a s l e a o t a a t b a o d p i i p f u so p m pc . p r r e m e a n P m oe l oo cdau t o o d e c n r e r c cs g et e c r fi t o s t c c n c r i . as i s i i i i i l e i l h h dt m l l d b w r b e e ; b u fm y u oo srtf u e p i o r u p r o p m r d p u t do e lo l lr u s n o l l rC v l e m A A br deas o a t i i E A b a t od o pes Bu p a d e r l eA hrf u ha To op t u

Section 177(1) of the Companies Act, 2013 read with rule 6 of the Companies (Meetings of the Board and its Powers) Rules, 2014 u

In light of provisions of Section 177 of Companies Act, 2013 read with Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014, u

S R O T I D U A D N A T I D U A , S T N U O C C A

9.14

Que. 20: RPK Ltd. is an unlisted Company having INR 9 crore as paid-up Capital as INR 52 crore as long term loan. The directors of the company would like to know from you the answers for the following questions : (1) Would the company be liable to constitute an audit committee?

(2) If the company is listed after a fresh issue of shares to the tune of INR 50 crore, in such a situation, would the company be liable to constitute Audit Committee?

(3) What is the quorum for meetings number of meetings to be held in a year by the audit Committee? (December 2019) (1 + 1+ 2= 4 Marks) Ans.:

n

n

n

n

-

i.

S R O T I D U A D N A T I D U A , S T N U O C C A

, r. oe s a e eg wt . yn ti s t r t emo ai e t ne bmc i r e or e sm h cd i e o t . mw tt i e i l i t ed n t b l u e a )n l c 4e aad ( i h e n l see r w p h p p ut gt e A oe n fd f b i o s te t n i e s i s s e e a r o p e l e ea mb t w l t te t . i emt e m al l s l eea t b t a t me a m eh i c o es l m i et C m l s h p m a l t y t l p i a of h a A d h t d co u s i s A 0 t w i i d e 2 d , rr e o e 1 i u e s t h e t l at t n t t i a i a a r e m n mh oer n e mt f m h og e or o t s mri C d Co u or tm rse e i t i t r o d v s d i ut uee o u L h An qbc A s mi t ed ee s i hn h h e f Y I Ta Tmw ) ) ) ) (( ( ( In reference to above mentioned provisions of Section 177 of the Companies Act, 2013: i ii iii u

,s .

2e r eeo t bt t i c rm e e hmr i t d i ot e cn lt l ie a hdd sun e gap nee i h t d t e f n eo i ms 2 t ers eea b t e t ml i t mea mmh oei t chw t tf i ; r d o e udt ar a e r3r / o1 g f ri s mo r u,e rs v ore ueh qbc emi heh Tmw . ii

9.15

iv

(Note: For answer of (iii) & (iv) above, it is assumed that RPK Limited is Listed Entity)

Que. 21: Approval of the Audit Committee to a related party transaction can be granted by passing a circular resolution. Discuss. (June 2021) (5 Marks)

.eei sds r s a hd de t l nn n ue e b ce fi ob e u t i oo bto ut tt h l r s s i i c i m l si t i t t moio e n a l l c c r g ph re enmt ea mh an o oh enmt ,s s s f i a o f n d t t nw n e t coc e o f e ao a a f h do . i yncjn hor r t th l e t b t t t l a o c s t i d o t e o ui d gn f as yf s mi n tu ne sc t s t noo c a n r i i n e t er t t eaasa o e a n e a h s c , c n i h s e c t pt on r t ne e a t t i a n i t l c r t a p t s r do i a b i a p c g r f s n g et r e aa mt s o nh t t d l t rae n i r i s y a r c e r ot m t a d ea l t ne t e f n e r r v r r o n c a j y i p t r a a a u a i b c r a t i t p e t gs r ru f r e th r l a t a t o ei o os r e d b i n n r l f d p t o d encr a i t a y o lt u t r , d f n c v es cn ua c a y l c i ei r u o l e t vt ta al t r e ; e a p e r r s o n on y a on t r h a e p p e s re l i f n m t : o l p h e p r a r p l i y a t r r n o y a a a pd s f da f u f f i t ve wne ae s i t h s b c e e c m dd oe i s oo ; t t c e a sl /e ae rp u le au dyl p l ui ec e pu i s c be m e ycar ss r s dpr i n n h i i u i l h r l t a i a p l a r l o s n t l e g o t x a l s a i p s e et l he n pla ah a m h y l i u a e h n h i t r h a d s ev m s ob d t st b t o e h d n h a l i oi e f to f, n nra st a n e n b o r e e n n t i v oo e e ehp ch c an ; en dmx o v ta et ) p o i v l i r t i i t s r t o rwnoe i t i a at g t ( w d t c p i a e t i n i , v m e t t t a e r ai p m yr mehe o nno ca he s t a m c a ae i r d n i p e n v r o n r m u d i p a e o mn t s e e a e g a e r nv s olsr cp u nr h e n w yu e i ee ci b et de ta co t ral ee— t i ln r is fn er uH o oma t h h y i n a d a u t a b l d i e ; m toe tf s f v uv h uby o y mom . . i c an ar t t o . i mta ep ti e i t e odn hpnh hmn h ces taew toe t s ton i p o d i ot ur i Ap d Ans.:

-

u

u

u

i

ii

iii

Thus, the approval of Audit Committee to a related party transaction can be granted by passing omnibus approval.

Company Law | CRACKER AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

N.S. ZAD, DIVYA BA JPAI TAXMANN 22/01/2024 8TH EDITION 9789357784702 492 PAPERBACK

Rs. 410

Description This book is prepared exclusively for the Executive Level of Company Secretary Examination requirement. It covers the questions & detailed (pointwise) answers strictly as per the old syllabus of ICSI. The Present Publication is the 8th Edition for the CS Executive | Old Syllabus | June 2024 Exam. This book is authored by CS N.S. Zad & CS Divya Bajpai, with the following noteworthy features: 

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