Under Section 139(2) of the Companies Act, 2013, a listed company shall not appoint or re-appoint -

Section 139(2) provides that no listed company, or a company which intends to get its shares listed, or a company belonging to such class as may be prescribed, shall appoint or re-appoint an individual as auditor for more than one term of five consecutive years, and an audit firm as auditor for more than two terms of five consecutive years. The proviso imposes a cooling-off period: an individual auditor who has completed his term shall not be eligible for re-appointment as auditor in the same company for five years from the completion of his term, and an audit firm similarly for five years.