Auditors - Appointment of ‑ Specified number of audits under Explanation I to sub‑sections (1B) and (1C) ‑ Guarantee companies whether to be counted in reckoning the said specified number - Companies Law - No. 8/12(224)/74‑CL‑V,

Letter : No. 8/12(224)/74 ‑ CL ‑ V, dated 28 ‑ 9 ‑ 1974. Subject:- Auditors - Appointment of ‑ Specified number of audits under Explanation I to sub ‑ sections (1B) and (1C) ‑ Guarantee companies whether to be counted in reckoning the said specified number A point has been raised as to whether companies limited by guarantee are to be included in reckoning specified number of companies within the meaning of Explanation I to sub‑sections (1B) and (1C). This has been examined and the Department is of the view that such companies as have no share capital are to be excluded from the reckoning.