A pvt ltd company appointed a statutory auditor at it's AGM held on 30.09.2014 for a period of 5 years i.e., 2014-15 to 2018-19. Now the company wants to appoint another auditor at it's AGM going to be held on 30.09.2015. What procedures to be taken by the company, existing auditors and newly appointing auditors.
appointment of auditor for 5 years has to be ratified every year by the members in AGM, if they don't ratify the appointment of auditor than the place of auditor is deemed to be vacated and appointment of new auditor will take place as in case of filing casual vacancy.
so here, if members of pvt ltd didn't ratify the appointment of auditor, he has to vacate his office and appointment of new auditor will be done by BOD within next 30 days.
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