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Appointment of auditor

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(Querist)
23 January 2013 If a private limited company has NOT appointed / re-appointed the auditors in the AGM and thereafter it appoints the auditors after three/four months from the AGM . what will be the Impact. Is there any panelty on such late appointment.
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CS SIDDHARTHA BANIK

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CS SIDDHARTHA BANIK (Expert)
23 January 2013 1)Every company is required to appoint/reappoint Auditors at AGM, failing of which the matter should be reported to central government(CG) with in 7 days, so that the CG can appoint Auditor.

Non compliance of the provision is an offence.

2) From your query it is not clear how you have appointed Auditor after 3 /4 months of AGM. Is it through board meeting or EGM?

3. Anyway, you have failed to comply with the provisions of section 224(3). According to that section within 7 days of non-appointment of an Auditor in AGM, the matter should be reported to CG.

4. Report the matter immediately to CG, so that they can appointment Auditor, and thereafter proceed for compounding.

Others views are solicited.
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