C.A Saurabh Jain (CA ) (164 Points)
10 October 2010A Company was incorporated on 3-10-2009 and recieved its certificate of commencment of business on 18-10-2009.The Shareholding pattern of the company is as follows:-
State Govt.-20%
Central Govt-20%
IDBI and UTI-15%
Others-45%
How Does the First auditors of the company will be appointed as per 619B or as per normal provisions of section 224?By which date they can be appointed?
Sunshine
(Helping All)
(10575 Points)
Replied 10 October 2010
i think the auditor will be appointed by CG on the advise of CAG u/s 619 B......
C.A. LINESH PATIL
(CA)
(910 Points)
Replied 10 October 2010
Auditor shall be appointed by BOD within 1 month of incorporation under section 224(5).
as its not govt.company within the meaning of section 619.AS per section 619-
51% or more of paid up capital should be held by 1.CG or 2.SG or 3.by CG & SG
while in your case total holding of CG & SG is 40%
however for this company appointment of subsequent auditor shall be made by passing special resolution as per the requirement of section 224A.
Sunshine
(Helping All)
(10575 Points)
Replied 10 October 2010
| Originally posted by : linesh | ||
 |
Auditor shall be appointed by BOD within 1 month of incorporation under section 224(5). as its not govt.company within the meaning of section 619.AS per section 619- 51% or more of paid up capital should be held by 1.CG or 2.SG or 3.by CG & SG while in your case total holding of CG & SG is 40% however for this company appointment of subsequent auditor shall be made by passing special resolution as per the requirement of section 224A. |
 |
here 619 B will be applicable as more than 51% of paid up capital is held by CG,SG and govt. companies....so the appointment should be made by CG
C.A. LINESH PATIL
(CA)
(910 Points)
Replied 10 October 2010
how its more than 51% of paid up capital.
CG hold 20% while SG holds 20% which is only 40%
mannoj
(striving for success)
(501 Points)
Replied 10 October 2010
yes
its a govt co.
since 20+20+15=55, more than 51% held by combination (CG, SG n corporations controlled by CG)
so sec 619B applies and over rules sec 224
hence appntmnt to be made by CG on advice of C&AG
REGARDS
Sunshine
(Helping All)
(10575 Points)
Replied 10 October 2010
| Originally posted by : manoj3197 | ||
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yes its a govt co. since 20+20+15=55, more than 51% held by combination (CG, SG n corporations controlled by CG) so sec 619B applies and over rules sec 224 hence appntmnt to be made by CG on advice of C&AG REGARDS |
|
yeah...
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