26th July 2016
A closely held public limited company has paid-up capital of Rs.12.00 crores. As per new companies act 2013 the company is required to rotate its statutory auditors.
As on the date of commencement section 139 of new act (1st April 2014) the existing statutory auditors have already completed 13 years in office. Due to the grace time provided under the Act the existing auditors can continue in office for another three years. At the AGM held in 2014 and in 2015 the existing auditors were re-appointed (covering the financial years 2014-15 and 2015-16.)
My query in this connection is whether the existing auditor can be re-appointed for one more year at the ensuing AGM to be held in the year 2016 (covering the financial year 2016-17).
with regards
Muralidharan
CAclubindia
