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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Query on appointment of auditor
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He has to vacate office.
exactly....he has to vacate his office from that date.
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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