Enshrined under Part V of the Constitution of India, Article 226 confers power to the High Courts to issue orders, directions, and writs in the nature of Habeas corpus, Mandamus, Certiorari, Prohibition, and Quo Warranto.
What are the disqualification of an auditor?
Disqualifications of Auditors A body corporate, except LLP. An officer or employee of the company. Any partner/employee of company. A person whose relative is a director or is in the employment of the company as a director or key managerial personnel.
What are the disqualification of an auditor according to company act?
Disqualification of Auditors An Officer or Employee of the company. A Partner or Employee of an Officer or Employee of the company. A person who, or his relative, or his partner is holding any security in the company or subsidiary company or holding company or associate company or subsidiary of such holding company.
Which section of Companies Act 1956 lays down provision regarding the eligibility of an auditor?
Sub-section (1) of section 141 provides that a person shall be eligible for appointment as an auditor of a company only if he is a chartered accountant.
Who can file a writ petition under Article 226?
Who can file a writ petition? A writ petition can be filed by any person whose Fundamental Rights have been infringed by the State. Under a Public Interest Litigation, any public-spirited person may file a writ petition in the interest of the general public even if his own Fundamental Right has not been infringed.
What does section 226 of Companies Act talks about?
Qualifications and disqualifications of auditors. —(1) A person shall not be qualified for appointment as auditor of a company unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949):
Who Cannot become auditor of a company?
1. The auditing service is considered to be personal, therefore a body corporate cannot be appointed as auditor. This also ensures that the liability of the auditor does not become limited. A person holding any security of the company, carrying a voting right cannot be appointed as auditor.
How many years an auditor can audit a company?
5 years
An Auditor is appointed for a period of 5 years and is eligible for Re-appointment after the expiry of period of 5 years. Hence he/she can be appointed over and over again without any restriction.
Who Cannot become an auditor of a company?
Under what circumstances a auditor can be declared disqualified?
DISQUALIFICATION OF AN AUDITOR
- a person who is a director, other officer or employee of the company or held such a position at any time during the preceding three years;
- a person who is a partner of a director, officer or employee of the company or is in the employment of any of these persons;
Is Article 226 a legal right?
Under Article 226, a High Court is empowered to issue directions, orders or writs, including writs in nature of habeas corpus, mandamus, prohibition, quo warranto and certiorari, for the enforcement of a Fundamental Right and for any other purpose.
Is the Companies Act 2006 section 226 up to date?
Companies Act 2006, Section 226 is up to date with all changes known to be in force on or before 04 September 2021. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Revised legislation carried on this site may not be fully up to date.
What are the changes to Section 46 of the Companies Act?
1 Chapter 81 of the Revised Statutes, 1989, the Companies Act, is amended by adding immediately after Section 46 the following heading and Sections: (a) any number of shares that carry twenty-five per cent or more of the voting rights attached to all of the company’s outstanding voting shares; or
How was the Companies Act 1989 amended?
Be it enacted by the Governor and Assembly as follows: 1 Chapter 81 of the Revised Statutes, 1989, the Companies Act, is amended by adding immediately after Section 46 the following heading and Sections:
