https://www.taxtmi.com/news?id=14530 The Amendment makes the common seal optional and adapts execution formalities to permit signatures by two directors or by a director and the Company Secretary; inserts a new penal section for deposits accepted or repaid in contravention of prescribed conditions imposing company fines and officer in default penalties; mandates auditor reporting of frauds above prescribed thresholds to the Central Government and lesser frauds to the audit committee or Board, with disclosure requirements; and empowers audit committees to grant omnibus approvals for related party transactions subject to prescribed conditions. en-us Sun, 24 May 2015 15:53:55 +0530 Wed, 27 May 2015 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14530 The Amendment makes the common seal optional and adapts execution formalities to permit signatures by two directors or by a director and the Company Secretary; inserts a new penal section for deposits accepted or repaid in contravention of prescribed conditions imposing company fines and officer in default penalties; mandates auditor reporting of frauds above prescribed thresholds to the Central Government and lesser frauds to the audit committee or Board, with disclosure requirements; and empowers audit committees to grant omnibus approvals for related party transactions subject to prescribed conditions. News - Sun, 24 May 2015 15:53:55 +0530 https://www.taxtmi.com/news?id=14530