Rotation of auditors
This query is : Resolved
Praveen Patil
(Querist)
05 January 2015
FACTS :
1) Mr.X was appointed as auditor of ABC ltd. in the AGM of 2014 for a term of 5 years i.e. upto conclusion of AGM for year 2019.
2) BUT in 2016 shareholders did not ratify his appointment.
3) Mr.Y was appointed in his place.
QUERY :
1)Will this amount to completion of a term of Mr.X?
2)For how many further year is he eligible to be appointed in year 2019 ?
1) Mr.X was appointed as auditor of ABC ltd. in the AGM of 2014 for a term of 5 years i.e. upto conclusion of AGM for year 2019.
2) BUT in 2016 shareholders did not ratify his appointment.
3) Mr.Y was appointed in his place.
QUERY :
1)Will this amount to completion of a term of Mr.X?
2)For how many further year is he eligible to be appointed in year 2019 ?
CS Mitesh Mehta
(Expert)
06 January 2015
1. No. As appointment was for 5 Year term
2. If provisions relating to mandatory rotation was applicable, (cooling off period of 5 year shall be maintained) after that not more than one term of 5 consecutive years. other wise 5 year term subject to ratification
2. If provisions relating to mandatory rotation was applicable, (cooling off period of 5 year shall be maintained) after that not more than one term of 5 consecutive years. other wise 5 year term subject to ratification
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
