Apppointment of internal auditor - urgent

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ACS Anjali Jain (Querist)
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03 March 2015 As per co act 2013 our co (pvt ltd co) falls under the category where they need to appoint internal auditor as it has outstanding loan from PFI of more 100 crores in 2013-14 but till date we have not appointed the internal auditor. now i want to know what will be consequences as sec 138 does not provide an penalty

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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03 March 2015 As per Section 450 of the Companies Act, 2013 the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to Rs. 10,000/- , and where the contravention is continuing one, with a further fine which may extend to Rs. 1,000/- for every day after the first during which the contravention continues.

The aforesaid Punishment is prescribed where no specific penalty or punishment is provided elsewhere in the Act

ACS Anjali Jain

ACS Anjali Jain (Querist)
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03 March 2015 Ok sir. Then i would appoint one in back date and file mgt14 for the same.

ACS Anjali Jain

ACS Anjali Jain (Querist)
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03 March 2015 And what is the time limit to appoint internal auditor if outstanding loan exceeds 100 crores in 2014-15

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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03 March 2015 The time limit prescribed was 6 month of the commencement of section 138 (i.e 6 month from 01/04/2014) for the existing company for FY 2013-14.

It may be noted that Preceding Financial year to be considered. For Eg. For Checking the applicability of section 138 of Companies Act 2013( Internal Auditor) for FY 2014-15 , FY 2013-14 to be taken into consideration.

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