A Company was incorporated on 3-10-2009 and recieved its certificate of commencment of business on 18-10-2009.The Shareholding pattern of the company is as follows:-
State Govt.-20%
Central Govt-20%
IDBI and UTI-15%
Others-45%
How Does the First auditors of the company will be appointed as per 619B or as per normal provisions of section 224?By which date they can be appointed?
i think the auditor will be appointed by CG on the advise of CAG u/s 619 B......
Auditor shall be appointed by BOD within 1 month of incorporation under section 224(5).
as its not govt.company within the meaning of section 619.AS per section 619-
51% or more of paid up capital should be held by 1.CG or 2.SG or 3.by CG & SG
while in your case total holding of CG & SG is 40%
however for this company appointment of subsequent auditor shall be made by passing special resolution as per the requirement of section 224A.
| Originally posted by : linesh | ||
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Auditor shall be appointed by BOD within 1 month of incorporation under section 224(5). as its not govt.company within the meaning of section 619.AS per section 619- 51% or more of paid up capital should be held by 1.CG or 2.SG or 3.by CG & SG while in your case total holding of CG & SG is 40% however for this company appointment of subsequent auditor shall be made by passing special resolution as per the requirement of section 224A. |
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here 619 B will be applicable as more than 51% of paid up capital is held by CG,SG and govt. companies....so the appointment should be made by CG
how its more than 51% of paid up capital.
CG hold 20% while SG holds 20% which is only 40%
IDBI is a govt. company i think...
yes
its a govt co.
since 20+20+15=55, more than 51% held by combination (CG, SG n corporations controlled by CG)
so sec 619B applies and over rules sec 224
hence appntmnt to be made by CG on advice of C&AG
REGARDS
| Originally posted by : manoj3197 | ||
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yes its a govt co. since 20+20+15=55, more than 51% held by combination (CG, SG n corporations controlled by CG) so sec 619B applies and over rules sec 224 hence appntmnt to be made by CG on advice of C&AG REGARDS |
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yeah...
okay.....
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