What is the penalty for not appointing first auditor in case of private company actual the incorporation date was 15-07-2016 and they want to appoint auditor as on 16-12-2016 and the company capital is Rs. 10,00,000/-. is there any penalty for late and what is the procedure for that.
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Penalty for not appointing first auditor
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Auditor has to be appointed within 1 month in Board and if Board does not appoint, it should be appointed in GM by members within 3 months.
However, company is not required to file Form Adt-1 for appointment of first auditor.
So, in case if you want to know, you can show its appointment within time. Else, it will remain non-compliance.
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