AGM - Audited Accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2010 If the accounts were not audited by the time of holding of AGM , (i.e. if the audited financial statements are not ready by time of holding of AGM ), can the shareholders adopt and approve the unaudited financial statements ? ( if shareholders can approve unaudited financial statements, what if the auditor finds material differences in approved unaudited financial statements ?)

Rasesh

Rasesh (Expert)
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26 February 2010 The accounts have to be audited and subsequently adopted by the members. In case you are unable to get the same audited in time, obtain extension of time to hold AGM and approve accounts from the ROC. The ROC in normal course would give extension of three months.

Adoption of unaudited accounts will not solve the purpose.