Regarding non commencement of business
This query is : Resolved
20 December 2014
Sir,
If a pvt. Ltd Co. donot commence business in the same financial year in which comnpany is incorporated whether the company would be liable for company audit for the said financial year
If a pvt. Ltd Co. donot commence business in the same financial year in which comnpany is incorporated whether the company would be liable for company audit for the said financial year
20 December 2014
the time limit is 1 year from date of incorporation for commencing its operation.
20 December 2014
Sir
As per my opinion For Public Ltd Co. there is time limit for one year for obtaining the commencement of business certificate.
My Question is regarding obligation of a pvt. ltd co who has not started business in the same financial year.
I am concerned as first Auditor has to be appointed in Board Meeting first then in Any general meeting by members which would hold office upto first AGM.
My Question is Whether auditor is to be appointed if co has not started business up to 31.03.14.
What about filing of Annual Return, 23AC and 23ACA for f.y 2013-14
AGM is not held and due on 31.12.2014.
As per my opinion For Public Ltd Co. there is time limit for one year for obtaining the commencement of business certificate.
My Question is regarding obligation of a pvt. ltd co who has not started business in the same financial year.
I am concerned as first Auditor has to be appointed in Board Meeting first then in Any general meeting by members which would hold office upto first AGM.
My Question is Whether auditor is to be appointed if co has not started business up to 31.03.14.
What about filing of Annual Return, 23AC and 23ACA for f.y 2013-14
AGM is not held and due on 31.12.2014.
20 December 2014
The ans is yes as per provision of sec 139 you need to appoint auditor mandatorily even in this case.
20 December 2014
but there is no Bank Account opened for f.y 2013-14. How to draw balance Sheet and Profit & Loss account to be submitted through 23AC and 23ACA
20 December 2014
Sir Provisions of section 139 are about the appointment of Auditor in First AGM but First Auditor hold the office up to 1st AGM. Means section 139 prima facia briefs about the second Auditor not first auditor
20 December 2014
Then you are not covered by new companies act 2013 and old law shall prevail as co act 2013 is effective from 1.4.2014
20 December 2014
First Auditor is required to be appointed before the AGM but my question is as the first auditor hold the office upto 1st AGM should it be mandatory to appoint him.
Lets take a example
If a co. incorporate between Apr-Feb it would be possible to operate the business but if a co incorporate after 25th March I think it may or may not be for such co. to commence its business.In those cases can a company should appoint an auditor who will ceases to be auditor within very short span of time
Lets take a example
If a co. incorporate between Apr-Feb it would be possible to operate the business but if a co incorporate after 25th March I think it may or may not be for such co. to commence its business.In those cases can a company should appoint an auditor who will ceases to be auditor within very short span of time
20 December 2014
Sir My Question is still not resolved as co. Act 2013 is applicable for all co. registered under Co Act 1956 as well as co act 2013.
Section 139(6) briefs about the Appointment of First Auditor by Board and members as well.
Only you are replying on my post. Sir plz forward the same to others to help me in resolving the post.
Hope you have understand my query.
Thanks a lot sir to reply on my post.
Section 139(6) briefs about the Appointment of First Auditor by Board and members as well.
Only you are replying on my post. Sir plz forward the same to others to help me in resolving the post.
Hope you have understand my query.
Thanks a lot sir to reply on my post.
20 December 2014
Under old companies act there was no provision for appointment of auditors madatorily in case of private company as compared to new act, so in my view for fy 13-14 even if you do not appoint i think there is no non compliace for same
25 December 2014
1)You can close your first financial year by 31.03.2015(As your date of incorporation is after January 2014)
You cant close your financials by 31.03.2014
2)you can hold first AGM one or before 31.12.2015
3)financials are required to prepared for period from date of incorporation to 31.03.2015
4)u need to appoint first auditor with in 30 days in a board meeting.
*Mandatory to appoint auditor whether it is old companies act or new companies act
5)so it is better if you take subscription share capital to your bank account at the earliest.
6)you dont need to apply for commencement of business certificate as you have incorporated before 01.04.2014.
7)As you are closing your first financial year by 31.03.2015 no question of filing of 23AC,23ACA, and annual return and also no need to hold any AGM in year of incorporation if you have hold first AGM on or before 31.12.2015
*You close the first financial year by 31.03.2015
You cant close your financials by 31.03.2014
2)you can hold first AGM one or before 31.12.2015
3)financials are required to prepared for period from date of incorporation to 31.03.2015
4)u need to appoint first auditor with in 30 days in a board meeting.
*Mandatory to appoint auditor whether it is old companies act or new companies act
5)so it is better if you take subscription share capital to your bank account at the earliest.
6)you dont need to apply for commencement of business certificate as you have incorporated before 01.04.2014.
7)As you are closing your first financial year by 31.03.2015 no question of filing of 23AC,23ACA, and annual return and also no need to hold any AGM in year of incorporation if you have hold first AGM on or before 31.12.2015
*You close the first financial year by 31.03.2015
26 December 2014
Sir
Thanks a Lot. Further Are you sure about the same. Or there is need to take advise also from some another person.
Thanks a Lot. Further Are you sure about the same. Or there is need to take advise also from some another person.
26 December 2014
In This case whether MGT-14 would be applicable or not
26 December 2014
If you have hold your first board meeting after 01.04.2014 then you need to file form MGT14,
for disclosure of interest of directors
.
.
.
I recommend you to consult a chartered accountant or company secretary to handle your works.You need to get idea of all basic compliances to be followed for a company
If you have hold your first board meeting after 01.04.2014 then you need to file form MGT14,
for disclosure of interest of directors
.
.
.
I recommend you to consult a chartered accountant or company secretary to handle your works.You need to get idea of all basic compliances to be followed for a company
26 December 2014
Sir I m CA and Just Started Practice
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