MCA vide Notification No. G.S.R. 621(E) dated June 22, 2017 has amended the Companies (Audit and Auditors) Rules, 2014 w.e.f. 22nd day of June, 2017. Pursuant to the amendment, now private companies with paid capital of Rs 50 crore or more, shall be required to comply with the provisions of rotation of the auditor. Earlier the limit was Rs 20 crore or more.
