The tribunal noted that the statutory auditor had issued audit certificate of the company even without examining any books of account. Photo: iStockNew Delhi: In a rare move, the National Company Law Tribunal (NCLT) has allowed the removal of the statutory auditor of a company following a plea by the Corporate Affairs Ministry. Against this backdrop, the ministry moved the NCLT seeking removal of the company’s statutory auditor and appointment of an independent auditor. A senior official said this was the first time that a provision of the Companies Act was being invoked to remove statutory auditor of a firm. The tribunal noted that the statutory auditor had issued audit certificate of the company even without examining any books of account.

Source: Mint January 06, 2019 09:00 UTC