Following rules are made by the Central Government to further amend the Companies (Audit and Auditors) Rules, 2014, namely:—
In Rule 5, clause (b) of the Companies (Audit and Auditors) Rules, 2014 the word “twenty”, will be replaced by the word “fifty”.
This notification shall come into effect on the date of their publication in the Official Gazette. (i.e w.e.f. 22nd June, 2017.)
It implies that;
From now on, the provisions of section 139(2) of the Companies Act, 2013 i.e. [related to Rotation of auditor] shall be applicable on all Private Companies having paid up share capital of Rupees Fifty Crore or more instead of Rupees Twenty Crores or more.
All other class of Companies as mentioned in Rule 5 of the Companies (Audit and Auditors) Rules, 2014 shall remain the same.
For more details: