The revised paragrafin 35B would apply to all publicly traded companies and the terms and conditions would be governed by company and administrative rules, and 2014 will be amended to this extent. Review of the annual accounts and the legal auditor`s report with management prior to submission to the Board of Directors for approval, particularly with respect to: (a) issues that must be included in the Director`s statement of responsibility, which must be included in the Board`s report in accordance with the provisions of the 2013 Corporations Act; (b) changes in accounting practices and practices and the reasons for them, if any; (c) large accounting inflows that include estimates based on the exercise of judgment by company management; (d) significant adjustments to financial statements resulting from the results of the audit review; (e) compliance with the listing and other legal requirements relating to transactions (e) the publicity of transactions with related persons; and (f) qualifications in the draft audit report ii. Monitoring and monitoring of the auditor`s independence and performance, as well as the effectiveness of the audit process; iii. review of internal business lending and investment; iv. valuation of the company`s businesses or assets when necessary; v. verifying the adequacy of internal control systems with the management, performance of legal and internal auditors; Vi. Review of the adequacy of the internal audit function, if any, including the structure of the internal audit division, the staff and seniority of the Head of division, the reporting structure and frequency of the internal audit; (vii.) discussion with auditors prior to the start of the review on the nature and extent of the audit and verification to determine potential interests; (viii) verify the results of internal investigations by internal auditors into matters involving fraud or irregularities or failures of internal control systems of a physical nature, and notify the House of the matter; ix. to examine the reasons for a significant default to depositors, bondholders, shareholders (in the event of non-payment of declared dividends) and creditors; and x. In order to verify the operation of the Whistle Blower mechanism In accordance with the Ministry of Corporate Affairs` General Circular 20/2014 of 17 June 2014, the ministry clarified that the provisions of the 2013 Electronic Voting Business Act are not binding until 31 December 2010. However, as noted above, the revised e-voting clause 35B will come into effect on October 1, 2014. It would therefore be necessary for SEBI to clarify this matter.
This document aims to analyze the various announcements of Article 49 of the rating agreement, paying particular attention to the amended parties, and to present a comparative analysis with the Companies Act 2013. In accordance with the amended Clause 49, a «related party» is a person or organization related to the company. Parties are considered to be bound when one party is able to control the other party or exert a significant influence on the other party, directly or indirectly, when it makes financial and/or operational decisions, and includes: i.