Section 141 3 of the Companies Act 2013 a person who or his relative or partner is holding any secur...........

Companies Act-Phase (I & II) Audit and auditors

Section 141(3) of the Companies Act, 2013, a person who, or his relative or partner is holding any security of or interest in the company or its subsidiary or of its holding or associate company or a subsidiary of such holding company shall not eligible for appointment as an auditor of a company. Provided that the relative may hold security or interest in the company of face value such sum as may be prescribed i.e. Rs. …………...

Rs.1,00,000/

Rs.2,00,000/

Rs.5,00,000/

Rs.10,00,000/-

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Explanation:

In terms of Section 141 (3) (d (i)) of the companies act 2013, person who, or his relative or partner is holding any security of or interest in the company or its subsidiary, or of its holding or associate company or a subsidiary of such holding company:, he/the firm shall not be eligible to appointment as an auditor of a company. However, the relative may hold security or interest in the company of face value not exceeding of one Lac rupees as prescribed in Companies (Audit and Auditors) Rules, 2014 (Sub Rule 10).

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