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The Companies which fall within the purview of Rule 5 of Companies (Audit & Auditors) Rules, 2014 and Section 139(2) of Companies
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The Companies which fall within the purview of Rule 5 of Companies (Audit & Auditors) Rules, 2014 and Section 139(2) of Companies Act 2013 have been given a time transition of 3 years to comply with the provisions of rotation of auditors. Meaning that they need to appoint a new auditor in case the existing auditor has already exceeded the term permitted in the said Section. My query is: What about companies to whom the section is not applicable on 1.4.14 but by virtue of fresh borrowings beyond the limit given in Rule 5, the section becomes applicable to them? Do they also get a time transition of 3 years? Or do they need to make fresh appointment in this year itself.
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Listed Companies and companies belonging to such class shall appoint or re-appoint an auditor for 1 or 2 term as the case may be,
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Listed Companies and companies belonging to such class shall appoint or re-appoint an auditor for 1 or 2 term as the case may be,
Query1: My firm is an auditor of private limited company from 2009-2010 and in F.Y 14-15, the public borrowings of the company exceeds 50Cr, now whether the rotation of auditors will apply to my firm and if, then for how many years my firm can continue as an auditor for this company.
Query 2: When we have to see the applicability of the provision rotation of auditor, whether it is every year or at the end of term completed (after 5 years).
Query 3 : Whether the company is required to file ADT-1 Every year even he is appointed for 1 term (say 5 year), however for every year ratification whether ADT-1 is required to be filed.
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- Posted By: Chirag shah 9 year(s) ago
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