Where at an annual general meeting, no auditors are appointed or re-appointed, the Central Government may appoint a person to fill the vacancy. It is the duty of the company to give notice of the fact, that no auditor was appointed in the annual general meeting, to the Central Government within seven days of the annual general meeting. No form has been prescribed under the statute for such matters. In case of any default to give such notice to the Central Government, the company and it’s every officer in default shall be punishable with fine that may extend to Rs. 5000.
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