Section 139 (2) of the companies act 2013

DARSHAN (CS) (36 Points)

24 May 2017  
I am working with Pvt. Ltd. Company. Our Sanctioned Limit of Borrowing (including Term Loan, Bank Guarantee, PCFC/FCBP,CC) is above 50 crore. But actual utilization is below 50 crore in F. Y. 2016-17. Whether provision of Auditor Rotation Section 139(2) of The Companies Act, 2013 is applicable in F.Y. 2016-17? In F. Y. 17-18 our actual utilization is above 50 crores so what is the effective date for compliance of the Section 139 (2) of the Companies Act, 2013 ?