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Policy on Appointment of Statutory Auditors

Oleevia Grameen Credits Private Limited (OGCL) recognizes the importance of having a robust and transparent audit process in place to ensure the accuracy of its financial statements and compliance with relevant laws and regulations. As such, this Policy on Appointment of Statutory Auditors outlines the procedures and criteria for selecting and appointing a qualified and independent auditor for OGCL.

  • OGCL shall appoint a statutory auditor in compliance with the Companies Act, 2013, and any other relevant laws and regulations.
  • The appointment of statutory auditors shall be made by the Board of Directors of OGCL on the recommendation of the Audit Committee.
  • The appointment of statutory auditors shall be subject to the approval of the shareholders of OGCL at the Annual General Meeting.
  • The statutory auditors shall be appointed for a term of five consecutive years, and shall be eligible for reappointment for another term of five years subject to the approval of the shareholders.
  • The statutory auditor shall be a firm of chartered accountants registered with the Institute of Chartered Accountants of India (ICAI).
  • The statutory auditor shall have at least 10 years of experience in auditing financial statements of companies in the financial services sector.
  • The statutory auditor shall have experience in auditing the financial statements of Non-Banking Finance Companies (NBFCs).
  • The statutory auditor shall have a reputation for independence, integrity, and professionalism.

 

  • The Audit Committee shall initiate the process for the selection of the statutory auditor.
  • The Audit Committee shall invite proposals from eligible firms of chartered accountants.
  • The Audit Committee shall evaluate the proposals received and shortlist at least three firms for consideration by the Board of Directors.
  • The shortlisted firms shall make a presentation to the Audit Committee and the Board of Directors.
  • The Audit Committee shall recommend the appointment of the statutory auditor to the Board of Directors based on the evaluation of the proposals and the presentation made by the shortlisted firms.
  • The Board of Directors shall approve the appointment of the statutory auditor subject to the approval of the shareholders.

 

  • Oleevia Grameen Credits Private Limited (OGCL) is committed to appointing a qualified and independent statutory auditor to ensure the accuracy of its financial statements and compliance with relevant laws and regulations. The appointment of the statutory auditor shall be made in accordance with this Policy on Appointment of Statutory Auditors and in compliance with applicable laws and regulations.
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