TaxTMI 
TaxTMI 
Appointment and remuneration of auditors.
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....d 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 firm is, at the date of such appointment or re-appointment, holding app....
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....t 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 rupees twenty-five lakhs, twenty such companies; (b) in any other case, twenty companies, out of which not more than ten shall be companies each of which ....
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....mpany 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 auditors and appoint in his or their places any other person or persons who have been nominated for appointment by any member of the company and of whose nomination notice has been given to the members of the company not less than fourteen days before the dat....
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....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 of 1974, section 23, w.e.f. 1-2-1975. [3] Inserted by Companies (Amendment) act, 1974, Act 41 of 1974, w.e.f. 1-2-1975.section 23, [4] The words "unless he is a retiring auditor", omitted by the Companies (Amendment) Act, 1974, Act 41 of 1974, section 23, w.e.f. 1-2-1975. [5] Inserted by the Companies (Amendment) Act, 1974, Act 41 of 1974, ....