Clause 138 - Insertion of new section 45MAA. - Finance (No. 2) Bill, 2019

Insertion of new section 45MAA. 138. After section 45MA of the principal Act, the following section shall be inserted, namely:- Power to take action against auditors. 45MAA. Where any auditor fails to comply with any direction given or order made by the Bank under section 45MA, the Bank, may, if satisfied, remove or debar the auditor from exercising the duties as auditor of any of the Bank regulated entities for a maximum period of three years, at a time. .