The government has relaxed conditions for unlisted companies that do not have loans from banks, financial institutions or deposits from public of more than Rs 50 crore on rotation of auditors.
Currently, these companies can't appoint individual auditors for consecutive five years and auditor firms for two straight terms of five years if their paid up capital is at least Rs 20 crore.
The ministry of corporate affairs has come out with a notification amending this rule under the Companies Act to raise this threshold to Rs 50 crore.
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