27 December 2015
One company incorporated on 27/01/2014 with paid up capital of 10 lakhs. i have following queries in respect of such company: 1. Co. Act 1956 or Co. Act. 2013 will be applicable? 2. Can we take the 1st F.Y. upto 31/03/2015? 3. If 1st F.Y. is upto 31/03/2015, what is the due date of 1st AGM? 4. If 1st auditor not appointed by the board/members, what is the solution? 5. Which Annual filing forms applicable i.e. Forms 20B/23AC/23ACA etc or Form AOC-4/MGT-7 6. Since Paid up capital is 10 lakhs, whether form 66 is to be filed or not applicable as per new act.
Respected all the experts, Kindly solve these queries at the earliest. Thanks in advance
27 December 2015
Your first financial year can be till 31/03/2015. Your due date of AGM will be till 31/12/2015. You need to file form 23ac and 23 aca for filing financial statement. However, annual return shall be filed in mgt-7. I am not sure for form 66 ( whether to file or not) you can confirm this from roc office.
04 January 2016
1. Companies Act 2013 will be applicable now. 2. Your first FY as per CA 1956 would be 31/03/2015. First FY would be decided as per CA 1956 which was applicable at the time of incorporation. 3. Due date of first AGM would be 31.12.2015 as per section 96 of the Companies Act 2013. 4. For provisions regarding appointment of first auditor kindly refer section 224(5) of the Companies Act 1956. 5. AOC 4 and MGT 7 would be applicable. 6. Form 66 not required to be filed as annual filing will be regulated by Companies Act 2013.
As per Circular dated 04.04.2014, if company's financial year has started before 01.04.2014, it needs to file Financial statement as per old Act.
In his case, company was incorporated before 01.04.2014, hence he need to file Form 23AC and 23ACA. Kindly confirm. AOC-4 will not accept date if it is before 01.04.2014.
Initially I thought MCA allowed use of form 23AC and 23ACA for annual filing related to FY 2013-14 and use as a base of my reply. For annual filing related to FY 2014-15, new forms should be used.
But at the same time your interpretation also seems correct for companies incorporated before 01.04.2014 as MCA system might refuse to accept new forms for companies incorporated before 01.04.2014. Accordingly user is advised to use old e-forms including form 66. Thanks for the timely advice.
04 January 2016
I had the same situation in one case wherein I could not fill up Form AOC-4 as the company's incorporation date was before 01.04.2014. If you read that Circular, it has mentioned only regarding Financial statement and Directors report. It has not mentioned anything regarding Annual Return.
Hence, I could file Form MGT-7 and 23AC 23ACA for this company. But I am not sure about Form 66.
04 January 2016
Based on above discussion, I feel that form 66 should be filed to be on a safer side. However the same seems highly impracticable for annual filing related to 2014-15.
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