IF THE FINANCIAL STATEMENTS WERE APPROVED IN AGM AND RETURN WAS UPLOADED ON 01.10.2013
IN THIS CASE CAN THE COMPANY REVISE THE RETURN FILE AND WHETHER ANY CHANGES IN THE FINANCIAL STATMENTS SO FINALISED AND APPROVED IN AGM CAN BE REVISED?????
jaspreet kaur saini (student) (30 Points)
13 February 2014IF THE FINANCIAL STATEMENTS WERE APPROVED IN AGM AND RETURN WAS UPLOADED ON 01.10.2013
IN THIS CASE CAN THE COMPANY REVISE THE RETURN FILE AND WHETHER ANY CHANGES IN THE FINANCIAL STATMENTS SO FINALISED AND APPROVED IN AGM CAN BE REVISED?????
Manish
(Senior Manager (CS & Legal))
(32 Points)
Replied 20 February 2014
MCA vide General Circular No. 1/2003 dated 13.01.2003 has directed the grounds and manner in which accounts can be re-opened/ revised.
Revised Annual Accounts would be required to be adopted either in EGM or subsequent AGM and filed with ROC.
But I am afraid if filing is required in XBRL, probably revised ones could not be filed. Else, it can be.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 22 February 2014
Annual Accounts : Reopening/Revision of annual accounts after their adoption in the annual general meeting
In partial modification of earlier view on re-opening/revision of annual accounts, this Department had clarified in 1987 that a company could reopen and revise its accounts even after their adoption in the annual general meeting in order to comply with technical requirements of taxation laws and further adopt the revised annual accounts in the subsequent annual general meeting and file with the Registrar of Companies.
2. Recently it has come to notice of the department that insurance companies, pursuant to directions for revision of accounts by Insurance Regulatory and Development Authority (IRDA) are required to reopen their accounts.
3. It is hereby clarified that a company could reopen and revise its accounts even after their adoption in the annual general meeting and filing with the Registrar of Companies in order to comply with technical requirements of any other law to achieve the object of exhibiting true and fair view. The revised annual accounts would be required to be adopted either in the extraordinary general meeting or in the subsequent annual general meeting and filed with the Registrar of Companies.
Circular : No. 1/2003, dated 13-1-2003.
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