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In case a Company isn’t satisfied with the services of statutory auditor the company can start the process of removal of the auditor as mentioned in the process. The auditors so appointed under the Act may be removed from his office before the expiry of his term only by special resolution of the company, after obtaining the previous approval of the Central Government in that behalf in the manner mentioned in the Act.
(ii) On receipt of the notice of such resolution, the company shall send a copy of such to the retiring auditor.
(iii) Where a notice is given of such resolution & the retiring auditor makes representation in writing to the company (within the reasonable time as given) & request Company to forward it to the members unless representation received is too late:
In case the copy of representation is not sent, then the same has to be filed with the registrar. And in case the tribunal is satisfied on application by the Company or an auditor that the rights conferred by the auditor have been abused then a copy of the representation need not be sent and need not be read out at the meeting.
The tribunal is satisfied either suomotu or an application made to it by Central Government or by any person concerned shall direct the company to change the auditor within 15 days if the auditor has acted in a fraudulent manner, and may also direct him to appoint other in his place.
If the provisions of Sec 139 to 146 is infringed, the Company shall be punishable with Fine that shall not be less than Rs.25,000/- but may extend to Rs.5,00,000/- & every officer of the Company who is in default will be punishable by imprisonment for a period that may extend to 1 year or with fine of not less than Rs. 10,000/- that may extend to Rs. 1,00,000/- or with both.
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