Query on appointment of auditor



Actually according to sec143 (3)(d) if on date on appointment auditor is indebted to company for an amount greater than Rs 1 Lakh, he cannot be appointed as auditor. What happens if he is indebted after his appointment? Will he still hold the office even after indebtedness once appointed? 

 
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He has to vacate office.
 
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exactly....he has to vacate his office from that date.
 
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He has to vacate his office from that date

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It is under section 141(3)d

Eligibility, qualifications and disqualifications of auditors

Where a person appointed as an auditor of a company becomes indebted  to company of the after his appointment, he shall vacate his office as such auditor and such vacation shall be deemed to be a casual vacancy in the office of the auditor.

 
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results in casual vacancy

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