Section 139 requires the intimation of appointment of the Statutory Auditor
Purpose: The purpose of Section 139 is to ensure that the appointment of a company's statutory auditor is properly communicated to the Registrar of Companies (RoC) and other relevant authorities.
Timeline: The intimation of appointment of the statutory auditor must be filed with the RoC within 15 days of the conclusion of the annual general meeting (AGM) at which the auditor was appointed.
Penalty: Failure to comply with this section can result in penalties ranging from INR 50,000 to INR 5 lakh for the company and INR 10,000 to INR 1 lakh for the concerned officer in default. Additionally, the company may be barred from making certain filings and the directors may face disqualification.
Form: The intimation of appointment of the statutory auditor must be filed in Form ADT-1.
Reporting Authority: The intimation must be filed with the Registrar of Companies (RoC).
Other: The intimation must include details such as the name and address of the auditor, the date of appointment, the term of appointment, and any other relevant information.
