Removal and Resignation of Auditor
·
An auditor can be removed before the expiry of
the term by obtaining the prior approval of the Central Government by filling
an application.
·
The Company shall hold the general meeting
within 60 days of receipt of approval of the Central Government for passing the
special resolution.
·
The auditor concerned shall be given a
reasonable opportunity of being heard.
·
The auditor who has resigned from the Company
shall file a statement in the prescribed form stating the reasons for his
resignation to the Comptroller and Auditor General of India in case of a
Government Company and to the Registrar of Companies in case of Non-Government
Companies.
·
While filing the statement, reasons for
resignation and other facts as may be relevant with regard to his resignation
shall also be indicated.
·
In case of non-compliance, he shall be
punishable with fine ranging from ₹.50,000 to ₹.5,00,000.
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