19 June 2010
Dear my company was incorporated on 1st Janaury 2009 and my CA has prepared balance sheet for first 3 months and 2nd balance sheet from 1st April 2009 to 31st March 2010.
As per section 166 first AGM can be convenied within 18 months from the date of incorporation.
Can be lay both balance sheet in the AGM to be held on 25th June 2010 ?
21 June 2010
If the accounts are prepared upto a particular period, then the accounts have to be adopted for that period within the time specified under the act.
If the first balance sheet was period for 15 months, then adoption of such balance sheet within was possible.
In your case, since the balance sheet is prepared for three months, it has to be seperately approved within nine months from the end of the financial year.
However, if the balance sheet for first three months is prepared only for income tax purposes, then no need to get it approved by the members.
CAclubindia
