P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
20 April 2015Pl find attached annual report of GM Breweries Ltd for 2014-15. Secretarial auditor has pointed out 5 discrepancies in his report. Directors have commented that it is due to ambiguity and uncertainty. Salary of CS as disclosed in directors report is Rs.6 lacs.
Also refer Directors' Report as per Companies Act 2013.
CA Ravi Taori
(Professor)
(5539 Points)
Replied 10 June 2015
further it is interesting audit report, they have followed caro 2003 for fy 14-15
it should be caro 2015, only saving reason could be it is signed on 7th april and caro 2015 came on 10th april
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 10 June 2015
How can a company comply with a law which is not known on the date of signing the report? Even Reliance Industries Ltd's annual report (audit report signed on 17.4.2015) does not contain CARO 2015 report. Auditors have taken a plea that CARO 2015 gazette notification was not available till that date. However, as discussed with the company, they have now issued CARO 2015 report separately and sent to all shareholders. See the link:
https://ril.com/DownloadFiles/RIL%20-%20CARO%20Reports,%202015.pdf
Gokul Anandan
(NA)
(38 Points)
Replied 16 June 2015
Respected Mr. P C Agarwal, accepted that the report did not inculed CARO 2015 because it was not then gazzeted. But CARO 2003 stands withdrawan on encactment of the Companies Act 2013. When Companies Act 1956 is withdrawn can the audit report contain CARO 2003 which was issued pursuant to the sections of Companies Act 1956?
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
