Final accounts not closed for the year 2012-2013

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2013 My company final accounts not closed this year, last date for file is September, But not filed. Then can we file now or we have to file/close next year? My company is Pvt Ltd company.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 December 2013 penalty will have to paid for late filling along with the reasons to be mentioned for late filling.

Ajay Mishra

Ajay Mishra (Expert)
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10 December 2013 Hi

Laying of annual accounts and balance sheet before annual general meeting

Only audited balance sheet and profit and loss account are to be laid before a company in annual general meeting. Un-audited balance sheet and profit and loss account cannot be laid before a company in
annual general meeting.
Section 210 casts an obligation upon the Board of directors of a company to lay down balance sheet and profit and loss account before each and every annual general meeting held in pursuance of section
166:—
(a) First Annual General Meeting.—The Board shall lay before company's first annual general meeting a balance sheet and a profit and loss account for the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months — section 210(1) read with section 210(3)(a).
(b) Subsequent Annual General Meetings.—The Board shall lay before every annual general meeting a balance sheet of the company and a profit and loss account relating to the period beginning with the day immediately after the period for which the account was last submitted and ending with a day which shall not precede the day of the meeting by more than six months.

In case where an extension of time for holding the subsequent annual general meeting has been granted by the Registrar under section 166(1), the balance sheet and profit and loss account shall relate to the period beginning with the day immediately after the period for which the account was last submitted and ending with a day which shall not precede the day of the meeting by more than six months and the extension so
granted.

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Ajay Mishra

Ajay Mishra (Expert)
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10 December 2013 So i will suggest you to firstly close your annual account otherwise you will be penalize under section 210.

Section 210(5) of the Act, provides that if any person, being a director of a company, fails to take all
reasonable steps to comply with the provisions of this section, he shall, in respect of each offence, be
punishable with imprisonment for a term which may extend to six months, or with fine which may extend to ten thousand rupees, or with both. Provided that in any proceedings against a person as aforesaid, it shall be a defence to prove that a competent and reliable person was charged with the duty of seeing that the provisions of this section were complied with and was in a position to discharge that duty. Further provided that no person shall be sentenced to imprisonment for such offence unless it was committed willfully.

Ajay Mishra

Ajay Mishra (Expert)
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10 December 2013
Non-adoption of the Balance sheet at the annual general meeting and filing of the same

If the annual general meeting of a company before which a balance sheet is laid as aforesaid does not adopt the balance sheet, or is adjourned without adopting the balance sheet or, if the annual general meeting of a company for any year has not been held, a statement of that fact and of the reasons therefore shall be annexed to the balance sheet and profit and loss account required to be filed with the Registrar electronically in e-Form 23AC and 3-Form 23ACA— Section 220(2).

It has been clarified by the Department that the balance sheets and profit and loss accounts which are not laid before an Annual General Meeting of the company but submitted to Registrar of Companies, for filing under section 220 of the Act would not be taken on record. The question of launching prosecution in such cases would be considered. [Vide Circular No. 4/74, dated 22-2-1974]

Ajay Mishra

Ajay Mishra (Expert)
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10 December 2013

You can file Form 23AC & ACA, Form-20B with additional fine which may be extended with 9 time of normal fee.

Hope you both understand the same.