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Query on appointment of auditor


Nishant Saxena (Student )     08 December 2017

Nishant Saxena
Student  
 28 points

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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? 

avater

Damisetty Saketh (student)     08 December 2017

Damisetty Saketh
student 
 3 likes  87 points

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He has to vacate office.

Jenil Shah   08 December 2017

Jenil Shah

 8 likes  132 points

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

Rahul Prajapati (Intern)     28 March 2018

Rahul Prajapati
Intern 
 205 likes  2272 points

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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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