As per Section 139(2), an individual cannot be appointed as an auditor for more than 5 consecutive years and an auditors firm for not more than 10 years? My query is, does the above provision apply for Private companies with paid up capital below 20 Crores?
The limit for applicability of Section 139(s) is on Unlisted Public limited companies having PUC more than 10 cr and Private Limited companies ahving PUC more than 20 crores and all listed companies.
Shyam Joshi & Associates
Pune
B.Com
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Aggarwal Sarawagi and Co
New Delhi
CA
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