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Clarification regarding ‘Body Corporate' for the purpose of section 226(3)( a ) of the Companies Act, 1956 GENERAL CIRCULAR NO.30A/2011, Dated: May 26, 2011 The Ministry of Corporate Affairs has received representation from the Institute of Chartered Accountants of India wherein they have stated that under section 226(3)( a ) of the Companies Act, 1956 a body corporate is disqualified from appointment as auditor by a company. Since LLP is a body corporate as per section 3(1) of the Limited Liability Partnership Act, 2008, LLP among Chartered Accountants will not be qualified for appointment as auditor under section 226(3)( a ) of the Companies Act, 1956. 2. It is hereby clarified that Limited Liability Partnership of chartered accountants will not be treated as body corporate for the limited purpose of section 226(3)( a ) of the Companies Act, 1956 and notification in this respect has been sent for publication in the Gazette of India. [NO. 02/02/2011-CL.V] |