We are a CA firm, and the Statutory Auditors of a Company for more than 20 years. This Company is not a specified Company U/s 139(2) read with Rule 5 of Companies (Audit and Auditors) Rules, 2014. But ADT 1 eform is framed in such way that, Sec 139(2) is applicable to all cmpanis, by making point no 4(i) as a compulsory field. If we give the details of 20 years Audit, whether we will be disqualified from appointment ?
BY VIRTUE OF RULES , IN COUNTING PERIOD OF 5 YEARS PREVIOUS APPOINTMENT IS INCLUDED , SO THE FIRM IS DISQUALIFIED TO BE APPOINTED AS STATUTORY AUDITOR OF THE FIRM.
I think you are not disqualified from appointment since the limit of 5/10 years is applicable only on specified companies and not on small companies and unspecified companies. Also there cannot be separate ADT-1 forms for specified and unspecified companies.
As auditor is eliginble for reappointment in agm but till then did not provide with the consent and now he has povided the consent so can he appointed in EGM instead of AGM for financial year 2015-2016.
KIndly reply.
Thanks,
MAnisha
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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