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Rotation of auditors

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Querist : Anonymous

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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.
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
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)
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