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CS Professional · Internal and Forensic Audit · Forensic Audit: Laws and Regulations

The Ministry is selecting a person to head the SFIO. Ramesh Iyer is an officer of the Government of India with knowledge and experience in corporate affairs. Which condition under the Companies Act, 2013 must he satisfy to be appointed Director of the SFIO?

The Director of the SFIO must be an officer not below the rank of a Joint Secretary to the Government of India who has knowledge and experience in dealing with corporate affairs, and is appointed by the Central Government by notification.

  1. AHe must be a chartered accountant in practice for ten years
  2. BHe must be an officer not below the rank of Joint Secretary to the Government of IndiaCorrect
  3. CHe must be a retired judge of a High Court
  4. DHe must be an officer not below the rank of Secretary to the Government of India

Explanation

Section 211(3) requires the Director to be an officer not below the rank of Joint Secretary to the Government of India, with knowledge and experience in corporate affairs. The Secretary-rank option raises the threshold wrongly.

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