MCA vide order no. S.O._ (E) on Tuesday, the 29th March, 2016, has came out with Companies Removal of Difficulties First order, 2016, in section 143, in sub section (ii), the following proviso shall be inserted, namely:-
“Provided that until the National Financial Reporting Authority is constituted under section 132, the Central Government may hold consultation required under this sub section with the Committee chaired by an officer of the rank of Joint Secretary or equivalent in the Ministry of corporate Affairs and the committee shall have the representatives from the Institute of Chartered Accountants of India and Industry Chambers and also special invitees from the National Advisory Committee on Accounting Standards and the office of the Comptroller and Auditor General”.
The said order shall be deemed to have come into force from the 10.04.2015 and the same shall be accessed at the following link: Order_S.O. (E)_Companies Removal of Difficulties 1st order_29.03.2016