09 October 2010
The expression Financial Year defined under section 2(17) of the Companies Act, 1956 means, in relation to any body corporate, the period in respect of which any profit & Loss account of the body corporate laid before it in AGM is made up, whether the period is a year or not. A company is at liberty to follow any financial year whether or not it ends on March 31.
The period to which the balance sheet and profit and loss account to be laid before a company in annual general meeting relate is called a financial year.
I will suggest you to check your first Board minutes to see what the period of financial year has been decided for the first financial year.
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