Driven by excellence, focused on strategies for the longer term.

This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

Deep sectoral expertise across services and industries.

Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

Personal commitment supported by experience and grit.

We commit early. We pull together internally for greater support. Every effort is sincere, every individual deeply dedicated to their task, their role, to the Firm.

Our undertakings for long-term impact are an organic extension of our purpose.

They are to employ our deep knowledge of the law beyond the business, the transaction, the deal. To use the opportunities and skills we possess, to reflect on the culture we’re creating. Individually and collectively, these are our efforts to help shape the thinking of our future generations, and arm them with strategies for true, sustainable growth.

Knowledge-sharing is intrinsic to equity and inclusivity.

This is a repository of thought leadership, deep insights and strong viewpoints, legal and other news and events and how they impact the industry and our clients.

Relevance is critical to growth. It necessitates a firm that is dynamic and responsive.

Amplifying intrinsic talent, sharpening skills, expanding knowledge, is vital to leading. It defines every aspect of how our firm functions and transacts. This is how we create new benchmarks and set industry standards.

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Jul 01, 2017

Amendment to the Companies (Audit and Auditors) Rules, 2014

By way of notification dated June 22, 2017, the MCA has notified an amendment to Rule 5 of the Companies (Audit and Auditors) Rules, 2014 (‘Audit Rules’). Prior to the amendment, as per Section 139(2) of the Companies Act read with Rule 5, inter alia all private limited companies having a paid up share capital of INR 20 crores (approx. USD 3 million) (or more), were permitted to appoint (i) an individual as the statutory auditor only for a single term of five consecutive years; and (ii) an audit firm as the statutory auditor only for two terms of five consecutive years. Pursuant to the amendment, the limit of INR 20 crores (approx. USD 3 million) (or more) has been increased to INR 50 crores (approx. USD 7.7 million) (or more).

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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