Appointments of First Auditors

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
	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.

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
	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

yeah...

okay.....