Company law

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CA Vishal Dalmia

CA Vishal Dalmia (Querist)
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17 December 2014 FOR HOW MANY YEARS CAN A AUDITOR BE APPOINTED FOR A SMALL PRIVATE LIMITED COMPANY

CS Mitesh Mehta

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

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CA Vishal Dalmia

CA Vishal Dalmia (Querist)
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18 December 2014 THANKS SIR, WHETHER THE SAME WILL BE APPLICABLE FOR 8 YEAR OLD EXSISTING PRIVATE LIMITED COMPANY ALSO

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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18 December 2014 YES

In case private limited companies
having paid up share capital of Rs. 20 crore or more, and having public borrowings from financial institutions, banks or public deposits of Rs. 50 fifty crores or more shall not appoint or re-appoint
an individual as auditor for more than one term of 5 consecutive Years;and an audit firm as auditor for more than two terms of 5 consecutive years.

These auditor (either individual/audit firm) can be re-appointed after cooling off period of 5 years. Three years transition period will be given to comply this requirement.

CA Vishal Dalmia

CA Vishal Dalmia (Querist)
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18 December 2014 Thanks Sir for such an immidiate action from your hand. It has been of an immence help in resolving the Company law matter.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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19 December 2014 It's my pleasure to help you

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