Appointment of auditors

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Jitendra Kumar Sahu (Querist)
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16 December 2014 Is it mandatory to appoint statutory auditors for a period of Five years as per New company laws.

Please advise

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 December 2014 yes for all compnaies its mandatory.............

Jitendra Kumar Sahu

Jitendra Kumar Sahu (Querist)
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16 December 2014 Thanx Tushar

Actually some qualified CA in my office said that it is not mandatory to appoint for five years and mention the term " ensuing AGM to Next AGM" but i object and say it would for a period of Five years. But they said you are wrong.

anyone here pls advise/comment to prove i am not wrong.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 December 2014 5 years is max for individual but every agm they need to be again appointed via a shareholders resolution that is the exact meaning.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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16 December 2014 The appointment of auditors shall be made for a 5 year term subject to ratification at every AGM.

A transition period of 3 years has been provided to the existing companies to comply with the requirements of mandatory rotation of auditors, if applicable.

Hence some companies to whom rotation aprovisions is applicable, are taking transition period option of 3 years and appointing auditor for one year

Jitendra Kumar Sahu

Jitendra Kumar Sahu (Querist)
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16 December 2014 Can you please confirm the which type of companies applicable for rotation provision.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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17 December 2014 Listed company or all unlisted public companies having paid up share capital of Rs. 10 crore or more, all private limited companies having paid up share capital of Rs. 20 crore or more, all companies having public borrowings from financial institutions, banks or public deposits of Rs. 50 fifty crores or more

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