Hiiii all..
Will an auditor be disqualified for holding pref shares as on the date of AGM....which shares optionally have voting rights....
Pls help me out reg this query
-Swathi
3 Replies
Joey Tribbiani
(fdg)
(2010 Points)
Replied 31 October 2010
As per sec 226(3) a person is disqualified from being appointed as an auditor of a company if he holds any security of that company,among other things. As per explanation to the section security means any security carrying voting rights.
In ur case the shares have voting rights hence as per my opinion the person is disqualified
Ajay Mishra
(Company Secretary)
(74342 Points)
Replied 02 November 2010
Agreed with Mr. Atir.................
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