In case of a new company the Board appoints the first statutory auditor of the company who holds the office till the conclusion of the first AGM of the company. My doubt is that if the same auditor is appointed in first agm of the company, is his previous appointment by the board is considered for his term of five years? or he can hold office till the conclusion of sixth AGM ? (assuming auditor is Individual)
According to sec 140 auditor appointed at 1agm shall be apointed by the members and he will hold the office from conclusions of 1 agm till the conclusion of 6 agm In case the 1 auditor is again appointed in the 1 agm then the law related to subsequent auditor will apply in that auditor. No in case of the term of five year is applicable only in case of subsequent auditor not in case of 1 auditor appointed by BOD . He can only hold the office till 1 agm.
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