the term(10yrs) of existing auditors as per section 139(2) has expired and the company has to appoint new auditors at upcoming agm. now the company is not able to finalize new auditors.
1.what is the consequences if company couldn't appoint new auditors at upcoming agm.?
2. will the existing auditors continue till another auditor is appointed as per sec 139(10)?
3. what is the procedure and filings to be done in this case?
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Consequences for not appointing new auditors
Replies (6)
If the Board fails to appoint such Auditor, then it shall inform the members of the Company about the same. The members shall within a period of 90 days from date of incorporation, at an extraordinary general meeting, appoint the first Auditor of the Company.
Thanks for you Reply
but this is not first appointment. company has ready appointed auditors for 2 terms and cannot continue the same auditors for another term as per section 139(2)
now company has to appoint new auditors n company may not be able to finalize new auditors before the scheduled date fixed for agm..
but this is not first appointment. company has ready appointed auditors for 2 terms and cannot continue the same auditors for another term as per section 139(2)
now company has to appoint new auditors n company may not be able to finalize new auditors before the scheduled date fixed for agm..
Then it might that the existing auditors should be re-appointed
Do v need to file adt1 n mgt 14
Yes ADT 1 should be filed in case of appointment of auditors
Is there a particular number of times an auditor can work in a firm?
Can they not be re-appointed after two terms?
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