Monday, December 15, 2014

Appointment of Company Auditor Under Section 139 in Form ADT-1

  1. Every Company to appoint a firm or an individual as an Statutory auditor at its first annual general meeting (AGM), Who shall hold office from the conclusion of that meeting till the conclusion of its 6th Annual General Meeting (AGM) and thereafter till conclusion of every 6th meeting and such appointment of auditor should be filed with Ministry of Corporate Affairs in From ADT-1 and Form ADT-1 need to file with 15 days from the date of such appointment.
  2. The company shall place the matter relating to such appointment for ratification by members at every annual general meeting.  So, the Auditor will be appointment every year by the shareholders.
  3. The Board shall take into consideration, the qualification and experience of the person proposed for appointment as auditor.  Where a company has constituted an audit committee, the audit committee shall recommend the name of an individual or a firm as auditor or recommend the same to members in the AGM for appointment.
  4. Where a company has constituted an Audit Committee, the committee, or in cases where such a committee is not required to be constituted, the Board, shall consider the qualification etc of the Board as the case may be, shall recommend the name of an The committee or the Board as the case may be, shall recommendation and appointment individual or firm as auditor to the Board. Process of recommendation and appointment in an AGM also provided.
  5. The Auditor will be required to give a certificate that he is duly qualified to be appointment as the Auditor of the Company .The proposed appointment shall be within the term allowed and the limits laid down in the Act. 

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