A private limited company was incorporated in June 2007. Till date it has not filed any forms/returns except the basic incorporation documents nor has it appointed any statutory auditor. What will be the penal provisions for the same? Further is it possible to appoint a statutory auditor now and file the previous returns
5 Replies
Muralidharan
(Self Employed)
(1034 Points)
Replied 16 June 2009
| Originally posted by :Khushboo | ||
| " | A private limited company was incorporated in June 2007. Till date it has not filed any forms/returns except the basic incorporation documents nor has it appointed any statutory auditor. What will be the penal provisions for the same? Further is it possible to appoint a statutory auditor now and file the previous returns | " |
Please note that if the company has not appointed the auditor within one month from the date of incorporation it will be a violation of the provisions of the act and the central govt has the powers under the law to appoint an auditor.
Try to "back date" the appointment of auditor (with the consent of the statutory auditor). Request the auditor to file Form 23B with ROC with "back date of acceptance" of audit.
Assuming your accounting period ends in March, then you will be finalising the accounts from June 2007 (incorporation date) to 31st March 2008. First AGM to be held in the year 2008 wherein accounts will be approved. Create all records carefully. Once you are satisfied that everything is found in order then file the Annual Accounts and Annual Return with ROC (online) with late fees. Please take the assistance of your Auditor as well as a Company Secretary in Whole Time Practice.
with regards
Muralidharan
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 16 June 2009
Dear Khushboo,
The Company may be declared as defunct Company.
As the first auditors was not appointed within 1 month of incorporation, Auditors may be appointed in AGM by Shareholders.
As far as filing of documents is concern all can be filed with late fees. The company must appoint Statutory Auditor immediately.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 16 June 2009
Disagree with Mr. Srivastava on one point.
If the board fails to appoint the first auditors with 1 month of incorporation, the company in General Meeting may appoint the first auditors by passing the ordinary resolution and such General Meeting may be Extra-Ordinary General Meeting.
No need to wait till AGM to appoint the first auditors. The above view is also supported by eminent corporate law expert Mr. Rammiya.
Regards
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