TaxTMI 
TaxTMI 
Substitution of section 25.
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.... auditors by the members at such a meeting shall be such as may be prescribed: Provided that before such appointment is made, the written consent of the auditor to such appointment, and a certificate from the auditor that the appointment, if made, shall be in accordance with such conditions as may be prescribed, shall be obtained from the auditor: Provided further that such certificate shall also declare that the auditor satisfies the criteria provided for eligibility for appointment as an auditor of a company under section 141 of the Companies Act. (2) The Corporation shall not appoint an auditor for more than one term of five consecutive years: Provided that an auditor who has completed the term of appo....
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....members; (b) the audit shall be conducted by more than one auditor. (4) Any casual vacancy in the office of an auditor shall be filled by the Board within thirty days, but if such casual vacancy is as a result of the resignation of an auditor, such appointment shall also be approved by the Corporation in a general meeting convened within three months of the Board making recommendations in this behalf, and the auditor so appointed shall hold office till the conclusion of the next annual general meeting. (5) Where at any annual general meeting, no auditor is appointed, the existing auditor shall continue to be the auditor of the Corporation. (6) All appointments, including the filling of a casual vacancy of....
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.... are approved by the Board, but shall not include any of the services, whether rendered directly or indirectly, that are enumerated in section 144 of the Companies Act: Provided that an auditor who has been performing any non-audit services on or before the coming into force of section 137 of the Finance Act, 2021 shall comply with the provisions of this sub-section before the close of the first financial year in which the said section comes into force. Explanation.-For the purposes of this section, the word "firm" shall include a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 (6 of 2009.). Removal and resignation of auditor. 25A. (1) The auditor appointed und....
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....all be entitled to require from the officers of the Corporation such information and explanation as the auditor may consider necessary for the performance of his duties as auditor, and shall, amongst other matters, inquire into the following matters, namely:- (a) whether loans and advances made by the Corporation on the basis of security have been properly secured; (b) whether the terms on which loans and advances have been made are prejudicial to the interests of the Corporation or its members; (c) whether transactions of the Corporation which are represented merely by book entries are prejudicial to its interests; (d) whether so much of the assets of the Corporation as consist of shares, debentures and ....
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....e said accounts and financial statements give a true and fair view of the state of the Corporation's affairs as at the end of its financial year and profit or loss and cash flow for the year. (3) The auditor's report shall also state- (a) whether the auditor has sought and obtained all the information and explanations which to the best of the auditor's knowledge and belief were necessary for the purpose of audit and if not, the details thereof and the effect of such information on the financial statements; (b) whether, in the auditor's opinion, proper books of account as required by law have been kept by the Corporation so far as appears from the auditor's examination of those books and proper returns adequate for....
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....he auditor appointed for the Corporation, in respect of financial transactions or matters that have any adverse effect on the functioning of the Corporation, shall be read out in general meeting and shall be open to inspection by any member. (6) In respect of a branch or an office of the Corporation, the accounts shall be audited either by the auditor appointed for the Corporation (herein referred to as Corporation's auditor) in this section or by any other person qualified for appointment as an auditor of the Corporation and appointed as such under section 25, or where the branch or office is situated in a country outside India, the accounts of the branch or office shall be audited either by the Corporation's auditor or by an acco....