manish kedia (yet not) (319 Points)
14 April 2014
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 14 April 2014
Assuming that you had chosen your financial year to end on 31st March: a) Co. incorporated in Nov.2013: First FY will end on 31.3.2014. b) Co. incorporated in Feb.2014: First FY could end either on 31.3.2014 or on 31.3.2015 at the discretion of the Board [as per provisions of CA 1956].
In both the cases AGM should be held within 9 months of end of FY as per first Proviso to Sec.96(1) of CA 2013 (which has come into force from 1.4.2014).
manish kedia
(yet not)
(319 Points)
Replied 14 April 2014
That means Companies Act 2013 will be appilcable instead of 1956?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 14 April 2014
Presently both the Acts are on statute book and we have to follow both. Several sections of CA 2013 have been made effective from 12.9.2013 and 1.4.2014 respectively. As regards provisions relating to financial year, for the period till 31.3.2014 you have to refer CA 1956 and from 1.4.2014 you have to refer CA 2013.
manish kedia
(yet not)
(319 Points)
Replied 14 April 2014
Dear Sir,
In first reply you mentioned that in both cases 9 months of end of FY (as per Companies Act 2013) to be followed.But in 2nd reply you mentioned that if FY ending within 31st March 2014 then to follow 18 months provision(Companies Act 1956.So I am little bit confused
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