If a person had appointed as auditor on 16.8.15(agm) for f.y. 15-16.
And auditor owed ₹510000 to the company on 1.4.15.
Auditor had repaid the amount on 10.8.15.
Then the should have vacated the office because he was disqualified on 1.4.15 itself.
If he is eligible for reappointment then auditors can take debt more than 5 lacs and repay in the same year for being eligible to be reappointed for next f.y.
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