Where unaudited financial statement can be adopted at agm

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CA Himanshu (Querist)
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30 December 2015 HI..
1.whether the unaudited Financial Statements can accepted at AGM, whereas such Financial Statements has been approved by Board of Directors ?
2. whether delay in Audit of Accounts is a valid ground for extension of AGM ?

Ankur Garg

Ankur Garg (Expert)
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04 January 2016 Delay in Audit of Accounts in itself is not a valid ground for extension of AGM. However reason behind Delay in Audit of Accounts may be considered by ROC for extension of AGM. For example delay in Audit of Accounts due to seizure of accounts by income tax deptt may be considered by ROC.

Unaudited Financial Statements cannot be accepted at AGM by shareholders. Unaudited Financial Statements approved by board has no value.

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