Accounts and Audit

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Ajay S.Yadav (Querist)
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09 December 2016 Plz guide, A pvt ltd co. Is formed on 25/02/2016. They haven't appointed auditor yet. My first qstn is whether co. Needs to prepare balance sheet for f.y.2015-16 and get it audited though there is no transaction except pre-operative Expenses? 2. What will be the AGM date if compnay finanlize the book on 10th dec.? Is there any penalty under companies act, which co. Has to face ? 3. How to appoint first auditor?

Jatin Bajaj

Jatin Bajaj (Expert)
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09 December 2016 As the Company is formed on 25/02/2016. soa s per section 2(41) of the companies act , its financial year will end on 31 st March 2017. and as per section 96 of the companies act 2013, company has to hold AGM within 9 months from the closure of financial year. so it will have to conduct its AGM by 30th December 2017( maximum time). And as per section 139 of the companies act , board of the director has to appoint the first auditor within 30 days but if board fails to appoint , then shareholder appoint auditor within 90 days in EGM.and such Auditor shall hold the office till the date of AGM of the Company. However there is no need to file any form ADT 1 for the appointment of first auditor of the Company

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