Relaxation in companies appt. of statutory auditors rules

Sec.139(2) dealing with rotation of auditors every years has come into effect on 1.4.2014.  Existing companies were required to comply with this provision within 3 years, i.e. by 31.3.2017.  Now this period has been extended to the date of AGM held after 31.3.2017.  Thus companies which could not appoint new auditors in AGM to be held in the year 2016 can do so in AGM to be held in 2017.