3 'C' - Final
273 Points
Joined May 2009
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Originally posted by : Shrinaath Paravasthu |
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Section says "a person who is indebted to the company for an amount exceeding one thousand rupees, or who, has given any guarantee or provided any security in connection with the indebtedness of any third person to the company for an amount exceeding one thousand rupees;"
But does not say time . but he is appointed for 1.4.8-31.3.9 in which time he was indebted >1000.
though auditor term is only from an AGM to next AGM but period ends on 31.3.9 .
he does not begin the audit period from appointment date nor does it upto next agm .appointment is only for FY only
so he is disqualified |
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Hey.. The law says, the auditor shall vacate office if after apptmt any of the dis-qualifications r attracted..
Here, he has cleared his debts b4 his apptmt.. Hence not indebted to d co.. Hence Qualified to be apptd