Order 1 - Short title, application and commencement. - Companies (Auditor’s Report) Order, 2003

Superseded vide File No. 17/45/2015-CL-V - Dated 10-4-2015 - Companies Law Companies (Auditor's Report) Order, 2003 [1] (Arrangement of Order) Companies (Auditor's Report) Order, 2003 [Notification GSR No. 480(E) [F. No. 2/28/2002-CL.V], dated 12-6-2003] In exercise of the powers conferred by sub-section (4A) of section 227 of the Companies Act, 1956 (1 of 1956), read with the Notification of the Government of India in the Department of Company Affairs, Number GSR 443(E), dated 18th October, 1972, as amended from time to time and in supersession of order number GSR 909(E), dated 7th September, 1988, published in the Gazette of India, part II, section 3, sub-section (i), except as respects things done or omitted to be done before the supersession, and after consultation with the Institute of Chartered Accountants of India [constituted under the Chartered Accountants Act, 1949 (38 of 1949)], in regard to class of companies to which this order applies and other ancillary matters, the Central Government hereby makes the following Order, namely:- 1. Short title, application and commencement.-(1) This order may be called the Companies (Auditor's Report) Order, 2003. (2) It shall apply to every company including a foreign company as defined in section 591 of the Act, except the following:- (i) a Banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (ii) an insurance company as defined in clause (21) of section 2 of the Act; (iii) a company licensed to operate under section 25 of the Act; and [2] [(iv) a private limited company with a paid up capital and reserves not more than rupees fifty lakh and which does not have loan outstanding exceeding rupees twenty-five lakh from any bank or financial institution and does not have a turnover exceeding rupees five crore at any point of time during the financial year.] (3) It shall come into force on the 1st day of July, 2003. ------------------------------------- Notes:- [1] See section 227(4A) of the Companies Act, 1956., [2] Substituted by Companies (Auditor's Report) (Amendment) Order, 2004, w.e.f. 25-11-2004 for the following: (iv) a private limited company with a paid up capital and reserves not more than fifty lakh rupees and has not accepted any public deposit and does not have loan outstanding ten lakh rupees or more from any bank or financial institution and does not have a turnover exceeding five crore rupees.