as per notification on 22/06/2017 private co. need not rotate their auditor if their puc<50 crs..
In the ensuing AGM some of the company are required to rotate their auditor. effects of the notification they are not required to rotate. pls explain this situation whether they need to rotate or not.?
MCA has still not provided clarity on the time frame to which such exemption relates to, however as per opinion of KPMG in their comments on all the notifications on 13th and 22nd June,2017 they believe that MCA's intention was to provide relief to the applicable companies ASAP, these notifications should be applicable for Financial statements prepared for year ended 31st March,2017.
Attached is KPMG's comments (Refer page 7)
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