Authorised, issued and paid-up share capital of XYZ Ltd., is ₹499 crore divided into 49.90 crore shares of ₹10 each. 74% of shares of XYZ Ltd. is held by Central Government, and the balance shares are held by the retail

The appointment of auditor of Government Company or Government controlled (directly or indirectly) company shall be held in accordance with the provision of section 139(5) and (7) of the Companies Act, 2013. The First auditor shall be appointed by the Comptroller and Auditor General of India within 60 days from the date of incorporation and in case of failure to do so, the Board shall appoint within next 30 days and on failure to do so by the Board of Directors, it shall inform the members, who shall appoint the auditor within 60 days at an extra ordinary general meeting (EGM), who shall hold office till the conclusion of the first annual general meeting. 74% of shares of XYZ Ltd. is held by Central Government, thus XYZ Ltd., will be a Government Company. First auditor of XYZ Ltd is appointed on 16 th May 2023, i.e., within 60 days from the date of incorporation i.e., 1 st April 2023. The appointment of first auditor of XYZ Ltd., is valid and within the time specified under the provisions of the Companies Act, 2023.