Apppointment of internal auditor - urgent
This query is : Resolved
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
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
The aforesaid Punishment is prescribed where no specific penalty or punishment is provided elsewhere in the Act
03 March 2015
Ok sir. Then i would appoint one in back date and file mgt14 for the same.
03 March 2015
And what is the time limit to appoint internal auditor if outstanding loan exceeds 100 crores in 2014-15
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- TDS Return Q1 FY 2026-27
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- CREDIT NOTES WITHOUT GST
- Condonation . E-Verification of last year return .
- DIN reactivation
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
