Adoption of accounts of more than one f.y. in an agm

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Ankit Tantia (Querist)
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07 September 2013 Is it possible to adopt the accounts of more than one F.Y.( say F.Y. 2006-07 to F.Y. 2013-14) at the Next AGM (30.09.2014)???

Ajay Mishra

Ajay Mishra (Expert)
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07 September 2013 Hi

No it is not possible.

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Ankit Tantia

Ankit Tantia (Querist)
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07 September 2013 Dear Ajay ji,
Thanks for replying.

Sir, I have gone through the documents of a pvt ltd company and main points summarized by me is as follows:

The Accounts of a company for the F.Y. 2005-06 was audited on 24.01.2011 and the BOD approved the accounts on 24.01.2011 and the accounts were adopted by the shareholders on AGM dated 15.02.2011. The Auditor was appointed on 27.09.2002(AGM) for auditing the accounts from 01.04.2003 to 31.03.2006 but the intimation of appointment was received by the auditor on 03.01.2011 which in my opinion is in violation of law as intimation of appointment is to be sent within 7 days from the date of AGM in which the auditor is appointed. A note by the director for not adopting the balance sheet in the AGM was also attached with the FORM 23 AC for the F.Y. 2003-04, 2004-05 & 2005-06. Please guide me as to what are the defects and what are the violations made by the company??

Sec 220 (2) of the Companies Act
(2) If the annual general meeting of a company before which a balance sheet is laid as aforesaid does not adopt the balance sheet, or is adjourned without adopting the balance sheet], or, if the annual general meeting of a company for any year has not been held, a statement of that fact and of the reasons therefore shall be annexed to the balance sheet required to be filed with the Registrar.

Ajay Mishra

Ajay Mishra (Expert)
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07 September 2013 Yes, it is absolutely correct.

That if Balance sheet is not laid before AGM then give the reason for the same. But you can not take the benefit of such section for 5 and 6 year continually.

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Ankit Tantia

Ankit Tantia (Querist)
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07 September 2013 Ajay ji,

If there are genuine reasons which prohibited the company for getting the accounts approved and henceforth audited, then can the accounts of the company for 5 years be approved, audited and laid on same dates for each same transaction ?????

Ajay Mishra

Ajay Mishra (Expert)
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07 September 2013 As per my understanding it is not practical not for auditor of that company and not for professional who will submit forms with ROC.

So I am unable to comment thereon.

Ankit Tantia

Ankit Tantia (Querist)
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07 September 2013 ok sir..but thanks a lot for your support......

Ajay Mishra

Ajay Mishra (Expert)
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07 September 2013 My pleasure dear..............

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