Change/extension of financial year

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sweta (Querist)
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22 June 2010 Since the Company doesn't receive approval from ROC for extension of financial year(F.Y) for a period of 18 month so board decided the F.Y. to be 15 months period (April-June). Now this 15 month period should continue for following years also?? And if the company wants to close its F.Y by March then whats the procedure??

Rasesh

Rasesh (Expert)
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22 June 2010 Let one period be for 15 months (as approved by the Board of Directors).

The next FY can be for 9 months so that the year can end on 31st March.

Next year onwards, all FY can be for 12 months.

Procedure: Board Resolution for fixing such FY will be sufficient.

sweta

sweta (Querist)
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22 June 2010 Thanks...

Raseshji, since its June and March has passed away and minutes has been prepared for the same which we cant change. So can a resolution be taken in the month of April for the same.

Rasesh

Rasesh (Expert)
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22 June 2010 No Problem. Board can ratify the decision.

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