MCA vide Notification No. G.S.R. 621(E) on Thursday, 22nd June, 2017 notified Companies (Audit and Auditors) Second Amendment Rules, 2017 which shall come into force on the date of their publication in the Official Gazette.
Vide said notification in Rule 5(b), limit of applicability of rotation of statutory auditors in private companies is amended to paid-up share capital of Rs.50 Crore or more (previously it was Rs. 20 Crore or more).
The said notification can be accessed at the following link:MCA Noti GSR621(E)_22.06.2017_Co(AuditAuditors)2ndAmndRules2017