As per section 142, remuneration shall be fixed by company in GM
and in case of 1st auditor by BOD.
now my query is 'in case of casual vacancy who will fix the remuneration?'
because appointment is made by BOD
but after appointment of auditor as per section 139(8) of the company..their is no requirement of conducting any EGM where members can fix the remuneration
and BOD can fix remuneration of 1st auditor only as provided in section 142
what will be the answer to above query..please give your views
Power to "appoint" includes power to fix remuneration since there cannot be a valid contract without consideration. Hence Board has implied power u/s 139(8) to fix remuneration of auditors in case of casual vacancy.
CAclubindia
