Secretarial Audit Applicability for Private Limited Companies
Introduction The recent amendment to Section 204 read with Rule 9 of Companies (Appointment and Remunerations) Rules, 2014 has turned the focus of all private limited companies on the applicability of Secretarial Audit. The MCA vide Notification G.S.R. 13(E) dated 3rd January 2020 provided an amendment to the applicability rules of Secretarial Audit. The said amendment provided that “every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more on the last date of the latest audited financial statement are required to comply with Secretarial Audit requirements”....