Rotation of auditor

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DEBASISH BODHAK (Querist)
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27 October 2014 Private Limited Company having Authorized Share capital 25,00,000.00 and paid up capital 24,82,000.00. Last year's turnover is above 3 crores. Form the very beginning i.e. from 1989 the same Statutory Auditor Firm have been appointing as Auditor. Now the question is whether that firm is eligible for their re-appointment for that company for the Year 2014-2015?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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27 October 2014 As per Section 139(2)read with Rule 5, Mandatory Rotation of Auditors has been brought into force. the same shall be applicable to private company having paid up capital of Rs. 20 Cr or more or having public borrowing from financial institution, banks or public deposit of Rs. 50 Cr or more.

In your case auditor can be be appointed for the year 2014-15 as provisions relating to rotation is not applicable. The appointment of auditors shall be made for a 5 year term subject to ratification at every AGM

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