Actually according to sec143 (3)(d) if on date on appointment auditor is indebted to company for an amount greater than Rs 1 Lakh, he cannot be appointed as auditor. What happens if he is indebted after his appointment? Will he still hold the office even after indebtedness once appointed?
3 Replies
Jenil Shah
(132 Points)
Replied 08 December 2017
exactly....he has to vacate his office from that date.
Rahul Prajapati
(Student)
(2282 Points)
Replied 28 March 2018
It is under section 141(3)d
Eligibility, qualifications and disqualifications of auditors
Where a person appointed as an auditor of a company becomes indebted to company of the after his appointment, he shall vacate his office as such auditor and such vacation shall be deemed to be a casual vacancy in the office of the auditor.
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
