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TMI BlogAppointment and remuneration of auditors.X X X X Extracts X X X X X X X X Extracts X X X X ..... auditors proposed to be so appointed to the effect that the appointment or re-appointment, if made, will be in accordance with the limits specified in sub-section (1B).] (1A) Every auditor appointed under sub-section (1), [4] [* * *] shall within thirty days of the receipt from the company of the intimation of his appointment, inform the Registrar in writing that he has accepted, or refused to accept, the appointment.] [5] [(1B) On and from the financial year next following the commencement of the Companies (Amendment) Act, 1974 (41 of 1974), no company or its Board of directors shall appoint or re-appoint any person [6] [who is in full-time employment elsewhere] or firm as its auditor if such person or fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n sixty days from such commencement, intimate his or its unwillingness to be re-appointed as the auditor from the financial year next following such commencement, to the company or companies of which he or it is not willing to be re-appointed as the auditor; and shall simultaneously intimate to the Registrar the names of the companies of which he or it is willing to be re-appointed as the auditor and forward a copy of the intimation to each of the companies referred to therein. Explanation I. For the purposes of sub-sections (1B) and (1C), "specified number" means, ___ (a) in the case of a person or firm holding appointment as auditor of a number of companies each of which has a paid-up share capital of less than rup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin seven days of the Central Government's power under sub-section (3), becoming exercisable, give notice of that fact to that Government; and, if a company fails to give such notice, the company, and every officer of the company who is in default, shall be punishable, with fine which may extend to [12] [five thousand rupees]. [13] (5) The first auditor or auditors of a company shall be appointed by the Board of directors within one month of the date of registration of the company; and the auditor or auditors so appointed shall hold office until the conclusion of the first annual general meeting: Provided that _____ (a) the company may, at a general meeting, remove any such auditor or all or any of such audi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uditor-General of India, shall be fixed by the company in general meeting or in such manner as the company in general meeting may determine;*] (b) subject to clause (a), shall be fixed by the company in general meeting or in such manner as the company in general meeting may determine. For the purposes of this sub-section, any sums paid by the company in respect of the auditors' expenses shall be deemed to be included in the expression "remuneration". ----------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 67 for sub-section (1). [2] The words "unless he is a retiring auditor", omitted by the Companies (Amendment) Act, 1974, Act 41 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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