The objective of the policy is to establish procedure for the appointment of Statutory Auditors and to conform with the extant norms of Reserve Bank of India and applicable provisions of Companies Act, 2013 and the rules made thereunder.
The Reserve Bank of India vide its circular dated April 27, 2021 has introduced guidelines for the appointment/re-appointment of Statutory Auditors for Non-Banking Financial Companies with asset size of INR 1000 Crores for Financial Year 2021-22 and onwards. Visage Holdings and Finance Private Ltd (the “Company” / “VHFPL”) is a NBFC-NDSI (Non-Banking Financial Company- Non-Deposit Taking- Systemically Important) registered with Reserve Bank of India with asset size of more than INR 1000 Cores. Accordingly, VHFPL has prepared the policy on appointment of Statutory Auditors in conformity to all relevant statutory/regulatory guidelines in addition to the RBI guidelines.
The policy will be applicable for the appointment/re-appointment of Statutory Auditors for the Financial Year 2021-22 and onwards.
|Asset size of the Company as on 31st March of the previous year||Minimum No. of Full-Time partners (FTPs) associated with the firm for a period of at least three (3) years Note 1||Out of total FTPs, Minimum No. of Fellow Chartered Accountant (FCA) Partners associated with the firm for a period of at least three (3) years||Minimum No. of Full Time Partners/ Paid CAs with CISA/ISA Qualification Note 2||Minimum No. of years of Audit Experience of the firm Note 3||Minimum No. of Professional staff Note 4|
|Above ₹ 1,000 crore and Up to ₹15,000 crore||3||2||1||8||12|
The policy will be approved by the Board and hosted on the official website of VHFPL.
The Policy will be reviewed on an annual basis or as and when deem necessary by the ACB and Board in the context of changing regulation and guidelines.
In case there are any regulatory changes requiring modifications to the Policy, the Policy shall be reviewed and amended at the next possible opportunity. However, the amended regulatory requirements will supersede the Policy till the time Policy is suitably amended.