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of <h1>Companies Act, 1956: Section 224 outlines auditor appointment, notification, and restrictions on holding multiple company positions.</h1> Section 224 of the Companies Act, 1956, mandates that companies appoint auditors at each annual general meeting to serve until the next meeting. Companies must notify auditors of their appointment within seven days. Auditors must confirm acceptance to the Registrar within 30 days. The Act restricts auditors from holding positions in more than a specified number of companies. If no auditors are appointed at the meeting, the Central Government can fill the vacancy. The remuneration for auditors is determined by the Board, Central Government, or the company, depending on the appointing authority. Removal of auditors before term expiry requires company approval in a general meeting.
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