Section 141 3 of the Companies Act 2013 a person who or his relative or partner has given a guarante...........

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

Section 141(3) of the Companies Act, 2013, a person who, or his relative or partner has given a guarantee or provided any security in connection with the indebtedness of any third person to the company, its subsidiary or its holding or associate company or a subsidiary of such holding company, more than Rs. …………………. shall not eligible for appointment as an auditor of a company.

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) (iii) of the companies act 2013, a person who, or his relative or partner or any of my relatives or partners has given a guarantee or provided any security in connection with the indebtedness of any third person to the company, or its subsidiary, or its holding or associate company or a subsidiary of such holding company where the Firm acts as the Statutory Auditors in excess of one lakh rupees as prescribed in above-said rule is not eligible to appointment as an auditor of a company.

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