Rotation of auditors

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2017 Can a relative of a statutory auditor be appointed as the next statutory auditor in the case of rotation??

Please also quote the sections.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
Follow

01 June 2017 Yes. Subject to the fulfillment of following conditions
1. Relative is not holding any security of or interest in company; or its subsidiary; or its holding company; or associate company; or subs. of such holding co. Relative of an auditor may hold securities in the Co. of face value < Rs. 1 Lakh.
2. Relative has not indebted to company; or its subsidiary; or its holding company; or associate company; or subs. of such holding co.. for more than Rs. 5 Lakhs
3. Relative has not given a guarantee or security for indebtedness of any third person to company; or its subsidiary; or . its holding company; or associate company; or subs. of such holding co in excess of Rs. 1 Lakh

(Section 141 (3) of the Act read with Rule 10)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Uzma Khan

S D Kannan

CA Saurabh Jadhav

Ramesh Thammineni

SARAN KUMAR

Subscribe Now

Rotation of auditors

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

CA Final

Article Assistant

GST CONSULTANT

Accountant

GST CONSULTANCY