The transitional period as per proviso to section 139 subsection 2 of the companies Act,2013 is three years.Such period is permitted for compliance by the companies to adhere to the provisions. The period is to be counted from the date of commencement of the companies Act.2013. This is in August 2013 when President of India gave his assent to the act. In such a case any appointment if made before 28/08/2016 may well be within the period of 3 years. However in such an event the auditor will be functioning till the next annual General Meeting which will be say August 2017 out of the transitional period of such three years from the date of commenement of the act. This needs a positive clarification from the Ministry as to how to go about.
Thanks and Regards,
ca ananta padmanabha rao r
CAclubindia
