As per Clause 139 of Companies Bill,2011
Hope I am clear.
Joey Tribbiani (fdg) (2010 Points)
08 January 2013As per Clause 139 of Companies Bill,2011
Sneha
(Company Secretary)
(1594 Points)
Replied 08 January 2013
No, it does not mean appointment of auditor in AGM is done away with. It just mean that individual auditor cant be appointed after the expiry of the said term even if shareholders agree to such appointment
CA vinod
(Chartered Accountant)
(518 Points)
Replied 08 January 2013
As per the Sec 139 (2) - Listed Companies or companies as prescribed cannot appoint an Individual as an auditor for more than one term of 5 consecutive years. But there is no such restriction for companies other than Listed / Prescribed.
Akanksha Jain
(Article)
(690 Points)
Replied 09 January 2013
Can u guys plz elaborate.. i dint get u..
Joey Tribbiani
(fdg)
(2010 Points)
Replied 09 January 2013
Originally posted by : Akanksha Jain | ||
Can u guys plz elaborate.. i dint get u.. |
In short auditor's appointment is to be done at every AGM however shareholders' cannot appoint auditor for more than the term stipulated in said clause
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India