Question
Consider the following statements regarding the
appointment of auditors under Section 139 of the Companies Act, 2013: Statement 1: The first auditor of a company can be appointed by the Board of Directors within 30 days before the first annual general meeting. Statement 2: Subsequent auditors are appointed at the annual general meeting and hold office from conclusion of that meeting till conclusion of the sixth AGM. Statement 3: An auditor can be reappointed immediately without any restrictions on the number of consecutive terms. Statement 4: The Audit Committee (where constituted) shall recommend the auditor to the Board for appointment. Which statements are correct?Solution
Section 139 prescribes auditor appointment. Statement 1 is correct—Section 139(1) allows the Board to appoint the first auditor within 30 days before the first AGM. Statement 2 is correct—subsequent auditors are appointed at AGM and hold office for a 6-year term. Statement 4 is correct—Section 139(3) requires the Audit Committee (where constituted) to recommend the auditor. Statement 3 is incorrect because Section 139(10) provides that an auditor shall not be reappointed after holding office for two consecutive terms of five years each (now extended to two consecutive terms allowing up to 8 or 10 years depending on appointment). Statements 1, 2, and 4 are correct.
Choose the most suitable option to fill in the blanks in the sentences below.
The project became so expensive that we had __________.
Fill in the blank/s with suitable Word/s:
We need to _________ a meeting and _________ this issue immediately.
Select the most appropriate word to fill in the blank.
I ______ something burning now.
Fill in the blank/s with suitable Word/s:
The company will _________ a new product and _________ it in international markets.
Instead of addressing the issue directly, he tried to _______ and avoid the difficult conversation.
The Raman effect ____________ from the inelastic scattering of radiation in the visible region by molecules.
- Choose the appropriate word or phrase from the options given to fill in the blanks.
Although she was new to the subject, she __________ the concept... Patoonda is a small village situated …….. the rocky barren land on the right bank of river Kali Sindh, a major …… of Chambal...
The watchman asked everyone entering the building to show their ________ card.
I. Canada and the U.S. closely monitor virtual currency activity to ___________ they do not run afoul of laws on financial crimes.
II. Simulta...
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