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AS PER SEC.147 ON DEFAULT OF sec.139(2) co will b liable for fine and every responsible officer in default will b liable for imprisonment , fine or both and on auditor also penalties are given So on application of 139(10) if auditors tenure of 5yrs or 10 yrs is completed no automatice reappointment possible….. please correct the answers
Dear Namrata, No Need to Correct Answer 🙂 Sec 139(2) says company cannot appoint auditor after tenure is over, Automatic Reappointment under 139 (10) is not done by company , it is done by law and it is absolutely fine. Sec 139(2) is for company not to reappoint again and Sec 139(10) is law based appointment, so they are not contradicting each other. If you have any explanation for your view after seeing this explanation please comment back, i have explained word by word why 139 (10) will prevail over other points.