MMM audit firm is appointed as auditor at 1st AGM in M s Sunlight Pvt Ltd having paid up capital ge ...........

Companies Act-Phase (I & II) Audit and auditors

MMM audit firm is appointed as auditor at 1st AGM in M/s Sunlight Pvt. Ltd. having paid up capital ≥ Rs. 20 Cr. State the number of AGM in which MMM audit firm shall retired if it will reappointed at every AGM after appointment till retirement.

2nd

5th

6th

Any number of years without restriction

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Explanation:

As per section 139 (2) and the Companies (Audit and Auditor) Rules, 2014

Following companies can not appoint an individual as auditor for more than one term of Five consecutive years and an audit firm as auditor for more than 2 terms of 5 consecutive years(i.e. for 10 years)

a) Listed Compnies

b) all Unlisted public company having paid up share capital of rupees 10 crore or more

c) all private limited companies having paid up share capital of rupees 50 crore or more

d) all companies having public borrowings from Financial institutions, banks or public deposit of rupees 50 cores or more