Individual Auditor is in his final year i.e. 5th year of his tenure for rotation. But no auditor was able to be appointed in the AGM. As per the provisions for rotation of auditor, he will not be able to hold the office for next 5 years but contrary to this sec139(10) states the provision for automatic reappointment in case no auditor is able to be appointed in any AGM.
What will be the best decision for the case? Will he be able to continue to hold his office as an auditor??
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If an individual CA is appointed as auditor and after 5 consecutive years in the AGM no auditor is appointed because of non majority shareholders to appoint. In that case, CA is appointed as auditor till next AGM or not? if clause if rotation of auditor applicable to co. , if not appointed then hiw the vacancy will be treated and filled up.