Companies to have uniform financial year under companies act

MCA 29111 views 25 replies

Dear Sir,

 

Kindly let me know the procedure for retaining the financial year as Jan-Dec, if the Indian company is a subsidiary of a Company incorporated outside India. In which e-form application is reqiured to be submitted and what all is required to be mentioned in the Application? Please guide.

Replies (25)

Dear Sir,

 

Kindly let me know the procedure for retaining the financial year as Jan-Dec, if the Indian company is a subsidiary of a Company incorporated outside India. In which e-form application is reqiured to be submitted and what all is required to be mentioned in the Application? Please guide.

Hello Friends,

Sharing the draft format of the Application to be made to CLB u/s 2(41) of the Companies Act, 2013 for allowing a different financial year. Hope this will be useful for you. You may change as per need.

-regards

CS Jagruti Jain

Hello Friends

 

Sharing the draft format of the application to be made to the CLB u/s 2(41) of the Co. Act, 2013 for keeping a different financial year.

please share the procedure to have Financial Year other than march end, under Companies Act, 2013

 

Kiran Doshi, Please see the above comment. I have uploaded the procedure along with draft formats. Hope that will be useful.

Thanks.

-regards

Jagruti Jain

Good information

Dear sir,

If a company incorporated on 02.02.2015 can we prepare financials for 02.02.2015 to 31.03.2016.

if YES, What is the date of 1st AGM.

Kindly share the process for change in the financial year.

Dear Prasanth,

As per Section 2 (41), Company can have it financial year from 02.02.2015 to 31.03.2016.

As per Section 96 (1), in case of the first annual general meeting, it shall be held within a period of nine months from the date of closing of the first financial year of the company. so that Company can hold its first AGM on or before 31.12.2016 after closing  financial year on 31.03.2016.

Dear Fellow members,

Here is an exception for following 31, March ending as financila year

Provided that on an application made by a company or body corporate, which is

a holding company or a subsidiary of a company incorporated outside India and is

required to follow a different financial year for consolidation of its accounts outside

India, the Tribunal may, if it is satisfied, allow any period as its financial year, whether

or not that period is a year.

Which means if  foreign holding company following the calender year as financial year and indian company accounts are going to consolidate into holding company then you can make an application to CLB to follow different financial year.

Regards.

 

 

hi sir,please assist me in this case-

company incorporated on 04/12/2014

now i want to extend or consider its first financial year from 04/12/2014 to 31/03/2016.

please let me know that 

1- whether is it possible?

2- what are the possible cons in this?

3- compliances to be followed in this scenario?

you will be helping me alot if you provide me with sufficient details.

thanking you in advance. 

 

 


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