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Companies Act 2013 Update: Section 147 limits auditor liability to shareholders, creditors; only responsible partners face criminal charges.

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Full Text of the Document

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....Punishment for contravention - quantum of fine revised - It also restricts the liability of auditor for damages to the shareholders or creditors of the company instead of any other person. It also seeks that in case of criminal liability of any audit firm the concerned partners only shall be liable - Section 147 of the Companies Act, 2013....

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