Question
What are the limitations on the appointment and
reappointment of auditors for listed companies under the Companies Act?Solution
Section 139.Appointment of auditor: (2) No listed company or a company belonging to such class or classes of companies as may be prescribed, shall appoint or re-appoint— (a) an individual as auditor for more than one term of five consecutive years; and (b) an audit firm as auditor for more than two terms of five consecutive years.
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