Applicability of Section 139(2)

    Posted By : Trust / Published on : 25-Jul-2019 08:28 AM / View : 59 / Comment : 0
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    Dear Friends,

    I need your inputs on the following:

    1. Existing auditors completing 5 years term on the date of AGM - 30.06.2019.

    2. Total tenure of their office is more than 10 years.

    3. Section 139(2) w.r.t rotation of auditors was not applicable to them.

    4. Currently, there is a chance that the borrowings may exceed 50 crore anytime during the year attracting Section 139(2).

    5. Can existing auditors be appointed for another 5 years? As on the date of AGM Section 139(2) is not applicable.

    6. What are the implications if the Section becomes applicable after reappointment for 5 years.? Can they continue for entire tenure?

    7. Can they be appointed just for one year? I do not think so.

    Thanks in advance
    Read more on : section applicability

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