Board reporting requirements expanded to cover auditor comments, Audit Committee composition, and reasons for non-acceptance of recommendations. Section 134 is amended to require the Board's report to include explanations or comments on auditor observations concerning financial transactions, adverse matters affecting the company's functioning, and qualifications, reservations or adverse remarks relating to accounts and connected matters. It also requires disclosure of the Audit Committee composition and a statement of reasons where the Board does not accept any Audit Committee recommendation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Board reporting requirements expanded to cover auditor comments, Audit Committee composition, and reasons for non-acceptance of recommendations.
Section 134 is amended to require the Board's report to include explanations or comments on auditor observations concerning financial transactions, adverse matters affecting the company's functioning, and qualifications, reservations or adverse remarks relating to accounts and connected matters. It also requires disclosure of the Audit Committee composition and a statement of reasons where the Board does not accept any Audit Committee recommendation.
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