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Companies Act 2013

This query is : Resolved 
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(Querist)
11 August 2016 As per section 139(10) where at AGM, no auditor is appointed or reappointed, the existing auditor shall continue as auditor. My doubt is if the company is listed one, and 139(2) rotation of auditor applies and auditor individual has completed 1 term of 5 consecutive year and hence cooling period is 5 years. Suppose in AGM no auditor is appointed or reappointed then when will happen. Will section 139(10) still applies. I find it very contradictory. Help me
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Amol S Joglekar

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Amol S Joglekar (Expert)
11 August 2016 cooling period will supercede in that case......
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