As per section 139(1) of the companies act, 2013, auditor is required to be appointed at the first AGM after the commencement of this act for a tenuure of 5/10 years. In case a company in its AGM fails to appoint its auditor for the said term and has appointed its auditors for a tennure of 1 year only, Now what procedure is required on the part of the company to rectify the same and appoint its auditors for 5/10 year term?? Please suggest
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