17 April 2014
Hi can anyone please let me know time period in which NCLT permission can be taken for using different financial year in case the company is subsidiary of a company incorporated outside India as my client is having its year form 1st March to 28th feb and we have not taken any permission as yet.
18 April 2014
Hi thanks Mr. Kaushik for the frequent reply I have one more query that i have read in section 2(41) of companies Act, 2013 that the company is required to compulsorily change its financial year to april-march with in 2 years time from the enactment of the act but before that it needs to take permission from NCLT. Please correct me if my wrong.
18 April 2014
Sorry Neha...I missed out the "being subsidiary of a foreign company".
under first proviso to 2(41) you have to approach the tribunal for approval of different financial year. I apologize for any confusion that my earlier reply may have caused.
18 April 2014
Hi Thanks for your reply Mr. Kaushik can you please let me know the period or the date latest by which i need to take permission from Tribunal.
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