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Section 8 company Conversion
November 23 , 2023
239 days
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- The Tamil Nadu government is in the process of converting at least 14 government-controlled societies into companies registered under Section 8 of the Companies Act, 2013.
- It aims to improve their functions and make them available for scrutiny by various auditing mechanisms.
- The government-controlled societies have been functioning largely with the taxpayers’ money, but “operate outside the treasury system” and “remain outside the legislative scrutiny” of their functioning.
- With the conversion, these companies will be available for CAG audit (supplementary audit), statutory audit, internal audit, tax audit, Secretarial audit and other necessary check mechanisms under the Companies Act.
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