1www.safeecollege.com CHAPTER 1A Government Companies.

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1www.safeecollege.com CHAPTER 1A Government Companies

Meaning of Government Companies [section 617] Government company means any company a)In which not less than 51% paid up share capital is held by  The CG or  Any SG(s) or  Jointly by CG & SG(s) b)Which is subsidiary company of government company. NOTE:- Paid up share capital means equity as well as preference share capital Appointment of Auditor [section 619] The auditor of government company shall be appointed by Comptroller & Auditor General of India [C&AG]. Appointment of First Auditor The first auditor of government company is appointed by C&AG. Cost Audit Cost audit in government company is conducted in accordance with provision of Section 233B.

Remuneration of Auditor Remuneration of the auditor of government company shall be determined by share holders of the company alternatively share holders may determine the manner in which remuneration shall be fixed. Audit Report  The auditor shall submit his report to C&AG and C&AG has right to comment upon or supplement the report in such manner as it may think fit. The comments of C&AG or supplementary report of C&AG shall be presented before AGM in the same manner & in the same kind, audit report is presented.  Section 217 of companies act cast duty of BOD to provide fullest information & explanations on every reservation contained in the report. However board is not required to provide explanations & information's on C&AG’s comment or supplementary report since there is no such requirements ether under section 217 or any other provisions of companies act.

Applicability of section 619 0n certain other companies [section 619B] As per section 619B of companies act, the provision relating to audit of government company shall also apply to certain other companies in which not less than 51% of share capital is held by followings or any combination there off :-  The CG  The SG(s)  One or more Government company  One or more corporations owned & controlled by CG NOTE:- Corporations owned & controlled by CG  UTI, IDBI & LIC  Nationalized Banks  Any other body corporate established under separate act of parliament.

1.The CG & one or more Government company. 2.The CG, one or more state government & one or more Government company. 3.Any SG(s) & one or more government company. 4.The CG & one or more corporation owned & controlled by CG. 5.The CG & SG(s) & one or more corporations. 6.One or more government company. 7.One or more corporation owned & controlled by CG.