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Relaxation in companies appt. of statutory auditors rules

Gargi Ranade (CS) (410 Points)

02 July 2016

on 30th June , Government has issued notification stating removal of difficulties in appointment of statutory auditors, Can somebody please explain me crux of the removal of difficulties, order.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 02 July 2016

Sec.139(2) dealing with rotation of auditors every years has come into effect on 1.4.2014. Existing companies were required to comply with this provision within 3 years, i.e. by 31.3.2017. Now this period has been extended to the date of AGM held after 31.3.2017. Thus companies which could not appoint new auditors in AGM to be held in the year 2016 can do so in AGM to be held in 2017.

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