A Limited Unlisted Company with Paid-up Capital less than Rs. 10 Crore re-appointed auditor for a period of 5 years (from FY 2016-17 to FY 2020-21) in AGM of the FY 2015-16 on 20.09.2016 which is ratified by the member in AGM of FY 2016-17 on 15.09.2017. After that paid-up capital of the company increased above Rs. 10 Crore and Company went Public and becomes Listed Company. The present auditor is the auditor of the Company since more than 15 years.
Now
1. Whether auditor has to vacate due to rotation rules and new auditor will be appointed in AGM of 2018. OR
2. He may continue for remaining period of his appointed upto AGM of 2021.
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