Auditor Rotation regarding
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Ramesh thangavel
Jan 13, 2024, 6:03:35 AM1/13/24
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Dear All,
An Individual Auditor was appointed for more than 10 years in one Private Limited Company before the Companies Act 2013. The same individual auditor has been appointed (u/s 139(1)) to continue the first 5 years (FY 2015-16 to FY 2019-20), and the next 5 years (FY 2020-21 to FY 2024-25), during the period, Paid up capital and Loans are below the limits as specified in Rule 5 of Companies (Audit and Auditors) Rules, 2014.
An Individual Auditor was appointed for more than 10 years in one Private Limited Company before the Companies Act 2013. The same individual auditor has been appointed (u/s 139(1)) to continue the first 5 years (FY 2015-16 to FY 2019-20), and the next 5 years (FY 2020-21 to FY 2024-25), during the period, Paid up capital and Loans are below the limits as specified in Rule 5 of Companies (Audit and Auditors) Rules, 2014.
In FY 2023-24, the company has increased the paid-up share capital above Rs.50Crs. As per section 139(2) necessary to comply with the rotation of the auditor.
When will be applicable this section 139(2) and its provisions : (i) FY 2025-26 (01.04.2025) or (ii) Applicable from 3 years (i.e 01.04.2028) or (iii) any other options
Give your views.
Thanks & Regards
T.Ramesh
Company Secretary
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