Court Rules "Action" Means "Prosecution" in Section 140(5) of Companies Act, Affecting Auditor Removal Cases.

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....Proceedings against the auditors of the company - removal from the statutory audit- Constitutional validity of sub-section (5) of Section 140 of the Companies Act, 2013 - the word “action” in the second proviso to sub-section (5) of section 140 of the Act, would be required to be read down as “prosecution”. - HC....