Relative can hold security of face value 100000. And 60days corrective action is given to him.of 60days But if on date of appt Of Auditor Relative hold more than 100000. Will Auditor be apptd immediately or after corrective action of relative is undertaken. And if once Auditor is apptd can relative acquire shares again and take corrective action. Or will he never be able to acquire shares above 100000face value after appt of Auditor upto comeyion of Tenure

Questions › Category: Co. Audit - I › Relative can hold security of face value 100000. And 60days corrective action is given to him.of 60days But if on date of appt Of Auditor Relative hold more than 100000. Will Auditor be apptd immediately or after corrective action of relative is undertaken. And if once Auditor is apptd can relative acquire shares again and take corrective action. Or will he never be able to acquire shares above 100000face value after appt of Auditor upto comeyion of Tenure

0 Vote Up Vote Down

Himalaya asked 6 years ago

Question Tags: Sec 141(3) 144

1 Answers

0 Vote Up Vote Down

Ravi Staff answered 6 years ago

relatives can acquire more than 1,00,000 face value shares but they need to take corrective action within 60 days from date of acquiring shares
so if relative is holding shares from past many years and even date of appointment CA will get disqualified with no chance of corrective action as 60 days is from date of acquisition and not from date of appointment or date of disqualification