secretarial audit applicability

[RISHI]

If a private ltd company has secured loans from banks as on 31-03-2022  Rs.110 Crore and we received audited balance sheet on 06-09-2022. Whether Secretarial audit applicable for 31-03-2022 filing? How is it possible to appoint secretarial auditor immediately on 06-09-2022?

[kartik bhatia]

If as on 31.03.2022 your loan more than 100 cr . You have to conduct secretarial audit for 21-22.

On Sun, Dec 25, 2022, 17:32 RISHI <rmit...@gmail.com> wrote:

If a private ltd company has secured loans from banks as on 31-03-2022  Rs.110 Crore and we received audited balance sheet on 06-09-2022. Whether Secretarial audit applicable for 31-03-2022 filing? How is it possible to appoint secretarial auditor immediately on 06-09-2022?

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[Ramakrishnan J]

ask for extension of AGM to december in form gnl-1.

[CS A Rengarajan]

Extension to be applied on or before 30th September,

regards

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A. Rengarajan

Practising Company Secretary

Rengarajan& Associates

( Formerly Arub & Associates)

Mobile 9381011200 /8072763129

[CS Bhargavi N R]

In few ICSI seminars, the term latest audited financial statement has been explained, accordingly for applicability for 2021-22 we can refer latest audited FS i.e.2021...because we cannot presume that in 2022 the limit has exceeded or not and if we assume also it will be based on provisional one and not on audited FS and further in BM appointment of sec auditor cannot be done where accounts get approved, since sec Audit report needs to be an annexure to boards report.

This is my opinion and any other views are welcomed..

Regards,

CS Bhargavi N R 

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[CS A Rengarajan]

Yes, I agree with your views and  I have replied for  extension of AGM  only .  For  2020-21  the limit was not exceeded and only 2021-22 they should conduct secretarial audit

regards

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[Manisha Bajaj]

In my opinion, in your case, secretarial audit will be applicable for FY 2022-23 based on audited financials of FY 2021-22.

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Thanks & Regards,

Manisha Bajaj & Associates

Company Secretaries

[Parbat Chaudhari]

Secretarial Audit will be applicable for the financial year 2021-22.

As we have received notices for two companies from the MCA for the same financial year in which turnover was exceeded.

[Prathap]

How is this logic to consider sec aud, only by knowing during the month of aug/sep... appointment happens after applciability and need some time to do audit, i would consider it only for 22-23 n not 21-22.. in case of turnover criteria, will know only after signed audit report, in this case not possible to do sec aud in time for the purpose of annexing to Board report... if 21-22 it is not practical for anyone....

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[CS A Rengarajan]

Fully agreed your views

regards

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