Government Notified section 132(11) of Companies Act. This part of law provide for the appointment of chairperson and members of NFRA. It is to speed up the implementation of NFRA. Although there is an opposition from CA community for this implementation. The extract of notification and section 132(11) are follows.
In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 21st March, 2018 as the date on which the provisions of sub-sections (3) and (11) of section 132 of the said Act shall come into force.
[File No. 1/4/2016-CL.I]
(K.V. Murty)
Joint Secretary to the Government of India
Section 132(11)” The Central Government may appoint a secretary and such other employees as it may consider necessary for the efficient performance of functions by the National Financial Reporting Authority under this Act and the terms and conditions of service of the secretary and employees shall be such as may be prescribed.”
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