Auditor appointment in casual vancancy

[jyoti gera]

Dear Members,

The Company's auditor has resigned after signing the balance sheet of the financial year 2021-22.

Now the company is required to appoint a new auditor.

What will be the procedure if the casual vacancy is to be filled in AGM.

Can we appoint a new auditor in the AGM for 5 years?

Regards

[Vinod Kumar Agarwal]

Has the auditor already filed his resignation ? 

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[jyoti gera]

Yes, the auditor has submitted the resignation to the Company.

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[Vinod Kumar Agarwal]

The reason and date of resignation

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[jyoti gera]

reason is resignation due to pre occupation and the date is 24.07.2022

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[Vinod Kumar Agarwal]

Application For Resignation

The application or statement of resignation to be filed by the auditor intimating his resignation is provided in the Rules. The Rules provide that an auditor should file the application Form ADT-3 to the Registrar after resigning from the company.

Form ADT-3 can be filed online on the Ministry of Corporate Affairs (“MCA”) website, or it can be filled and given or posted to the Registrar. After the auditor submits his resignation and Form AGT-3 to the company, a board meeting shall be organised with all the directors for effecting the resignation. The company shall appoint a new auditor to fill the vacancy of the resigned auditor as per the provisions of the Act and Rules.

In the meantime, the company can also appoint a casual auditor to fill the vacancy in a general meeting within three months, and such auditor will hold the post until the conclusion of the next annual general meeting. After the resignation of the auditor, the company shall appoint a new auditor in the next annual general meeting.

In the case of a government company, an auditor will be appointed by the Comptroller and Auditor-General of India within thirty days from the resignation of the auditor.

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[Mahendra Samdole]

Auditor appointed in Casual Vacancy can be appointed in the AGM for 5 years.

I suggest drafting the resolution to the effect that Company ratifies/approves the appointment made by Board of Directors for Casual Vacancy and appoints the Auditor to hold the office for next 5 FYs.

Drafting plays vital role in this case.