Actually some qualified CA in my office said that it is not mandatory to appoint for five years and mention the term " ensuing AGM to Next AGM" but i object and say it would for a period of Five years. But they said you are wrong.
anyone here pls advise/comment to prove i am not wrong.
16 December 2014
The appointment of auditors shall be made for a 5 year term subject to ratification at every AGM.
A transition period of 3 years has been provided to the existing companies to comply with the requirements of mandatory rotation of auditors, if applicable.
Hence some companies to whom rotation aprovisions is applicable, are taking transition period option of 3 years and appointing auditor for one year
17 December 2014
Listed company or all unlisted public companies having paid up share capital of Rs. 10 crore or more, all private limited companies having paid up share capital of Rs. 20 crore or more, all companies having public borrowings from financial institutions, banks or public deposits of Rs. 50 fifty crores or more
CAclubindia
