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All public companies whose paid-up share capital exceeds Rs 100 crore or which have in aggregate outstanding loans or deposits exceeding Rs 200 crore may soon be required to have one-third independ

New Companies Act draft hits small auditors more

The new rules say auditors will have to take highly costly indemnity insurance against third-party liabilities, feasible only for large firms

This is the first set of draft rules for various clauses of the new Companies Act 2013 released by the government.

This Companies Act 2013 passed by the government includes several changes to govern the operation and social responsibilities of corporates. It will replace the Companies Act, 1956.

The Companies Bill, 2012, on receiving the assent of Honorable President of India on August 29, 2013, was notified in the Gazette of India on August 30, 2013 as the Companies Act, 2013 (18 of 2013). The Section 1 of the Act has come into force from the date of the notification.