Can accounts of a company for a subsequent year be adopted without adoption of accounts of previous years?
3 Replies
Tanveer Md Masood
(Indispensable)
(361 Points)
Replied 26 September 2012
DEAR MR.SHARMA,
SEC.210 STATES THAT AT EVER AGM, COMPANY SHOULD LAY DOWN AND ADOPT ACCOUNTS/ PROFIT AND LOSS AND BALANCS SHEET FOR APPROVAL.
NON APPROVAL OR NON ADOPTION OF ACCOUNTS WOULD RENDER THE COMPANY TO PAY A FINE OF Rs.5000 PER DAY DURING WHICH THE DEFAULT CONTINUES. AGAIN, IT IS BUT COMMON SENSE AND LOGIC THAT IF PREVIOUS ACCOUNTS HAVE NOT BEEN ADOPTED AND APPROVED NO QUESTION OF SUBSEQUENT ANNUAL REPORTS OR ACCOUNTS ARISES.
YOU CAN CHECK OUT WITH OTHER EXPERTS TOO.
REGARDS,
TANVEER MD MASOOD.
CA Harsh Lunia
(Audit)
(81 Points)
Replied 26 September 2012
No. Adoption of accounts is one of the agenda points in AGM. If for any reason, it can't be adpoted, then the AGM can be adjourned and accounts can be adopted at adjourned AGM (which is to be held within the time limit prescribed for AGM). In no case, the company can proceed to adopt current year's accounts without adopting previous year's accounts
Tanveer Md Masood
(Indispensable)
(361 Points)
Replied 02 October 2012
fine amont is Rs.500/- and not Rs.5000.
Recent Topics
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
Related Threads
CAclubindia
