The government is set to tighten norms for auditors and independent directors. The move is part of a fresh overhaul of the Companies Act, which is in the works. Auditors may not be able to get away by simply resigning from assignments when the going gets tough. The government is looking to mandate a report by the auditors to the shareholders, which will list the reasons for their resignation. Besides, rules are proposed to be tightened for independent directors, who will have to step down from board on completion of a specified number of years. It will come with the stipulation that an individual’s term as an additional director will be added to the tenure as an independent director so that board members do not get entrenched in the company.
Can any one share the reason for the Resignation of an Auditor ?
The name approval letters has expired for proposed company. However, the Company formation process is not yet completed. Do we get another name approved?
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