Section 20 - Amendment of section 132. - Companies (Amendment) Act, 2019

Amendment of section 132. 20. In section 132 of the principal Act,- (a) after sub-section (1), the following sub-section shall be inserted, namely:- (1A) The National Financial Reporting Authority shall perform its functions through such divisions as may be prescribed. ; (b) after sub-section (3), the following sub-sections shall be inserted, namely:- (3A) Each division of the National Financial Reporting Authority shall be presided over by the Chairperson or a full-time Member authorised by the Chairperson. (3B) There shall be an executive body of the National Financial Reporting Authority consisting of the Chairperson and full-time Members of such Authority for efficient discharge of its functions under sub-section (2) [other than clause (a)] and sub-section (4). ; (c) in sub-section (4), in clause (c), for sub-clause (B), the following sub-clause shall be substituted, namely:- (B) debarring the member or the firm from- I. being appointed as an auditor or internal auditor or undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate; or II. performing any valuation as provided under section 247, for a minimum period of six months or such higher period not exceeding ten years as may be determined by the National Financial Reporting Authority. .