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Sec 139(7) Appointment of First Auditor

First Auditor shall be appointed by CAG within 60 days from date of incorporation of company.

in case CAG does not appoint such auditor within 60 days then, BOD'S of the co. shall appoint such auditor within next 30 days. Further in the case of failure of BOD to appoint such auditor within next 30days, then Board shall inform the members of the company who shall appoint auditor within 60 days at an Extra ordinary General Meeting. Auditor shall hold the office till the conclusion of the First Annual General Meeting.

Sec 139(5) Appointment of Subsequent Auditor

CAG shall appoint the auditor within a period of 180 days from the commencement of the financial year, who shall hold the office till the conclusion of annual general meeting.