Section 139. Appointment of auditors

CHAPTER X AUDIT AND AUDITORS 139. Appointment of auditors. —(1) Subject to the provisions of this Chapter, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting and the manner and procedure of selection of auditors by the members of the company at such meeting shall be such as may be prescribed: 9* * * * * Provided further that before such appointment is made, the written consent of the auditor to such appointment, and a certificate from him or it that the appointment, if made, shall be in accordance with the conditions as may be prescribed, shall be obtained from the auditor: 1. The proviso ins. by Act 1 of 2018, s. 39 (w.e.f. 7-5-2018). 2. The words and figures "within the time specified, under section 403" omitted by s. 39, ibid . (w.e.f. 7-5-2018). 3. Subs. by s. 39 , ibid., for "in section 403" (w.e.f. 7-5-2018). 4. Subs. by Act 22 of 2019, s. 22, for "punishable with fine" (w.e.f. 2-11-2018). 5. Subs. by Act 29 of 2020, s. 28, for "one thousand rupees for every day during which the failure continues but which shall not be more than ten lakh rupees" (w.e.f. 21-12-2020). 6. Subs. by Act 22 of 2019, s. 22, for "punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both" (w.e.f. 2-11-2018). 7. Subs. by Act 29 of 2020, s. 28, for "one lakh rupees" (w.e.f. 21-12-2020). 8. Subs. by s. 28, ibid ., for "five lakh rupees" (w.e.f. 21-12-2020).