Appointment of Auditors

The section says:

"...in the case of failure of the Board to appoint such auditor, it shall inform the members of the company, who shall within ninety days..."

The default starts from day 31. Then BOD informs the members, who appoint within 90 days at EGM.

Hence, this 90 days starts from the day of failure or from day 31 or 30+90 = 120 days from the incorporation date..