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Wednesday, Dec 25, 2002

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Cos may not find it easy to change auditors any more

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NEW DELHI, Dec. 24

REPLACEMENT of statutory auditors may soon get more arduous for promoters and professional managements, with the Naresh Chandra Committee recommending that managements be asked to disclose the reasons for such replacement through an explanatory statement to the shareholders of the company.

The committee has in its report recommended an amendment to Section 225 of the Companies Act, stipulating a special resolution of shareholders in cases where an auditor, while being eligible to re-appointment, is sought to be replaced.

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