If a private company fails to appoint stat auditors what are the penal provision
If it appoint an auditor after 3 years of incorporation what are the comliance should be done by auditor
1 Replies
upasana gupta
(Finance Professional)
(3931 Points)
Replied 04 August 2017
Penalty on Company:
The company shall be punishable with fine which shall not be less than Rs. 25,000 (Rupees twenty-five thousand) but which may extend to Rs. 5 Lac (Rupees five lac)
AND (+)
Penalty on Officer of Company:
Every officer of the company who is in default shall be punishable with imprisonmentfor a term which may extend to one year OR with fine which shall not be less than Rs. 10,000/- (Rupees ten thousand) but which may extend to Rs. 1 Lac (Rupees one lakh), OR with BOTH.
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