Need an opinion on New Companies Act, 2013, Regarding auditor eligibility/qualifications. The facts are as under:
1. There is a DSE listed company A .
2. Y is auditor for company A
3. There is Director X in company A
4. There is Pvt Ltd co B formed on Sep 2013
5. The shareholders of B ltd includes X 85% and wife of the auditor 15%
6. Now can Y audit company A or would it be disqualified for the same on grounds of independence etc. for FY 13-14 and FY 14-15
7. If cant audit then process to change auditor , calling EGM etc and whether change in Mar 14 or May 14.
Thanks
CAclubindia
