Approval of quartely financial result
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 January 2013
For unlisted public company, can quartely financial results can be approved by the Board through circular resolution. Financials are duly approved by the Audit committee in its meeting.
Ajay Mishra
(Expert)
11 January 2013
Hi
No, it will not be approved by circular resolution. Because it will be firstly approved by Board then placed before the Board Meeting. So it can not be passed by circulation.
The Stock Exchange will be intimated before 7 clear date of Board meeting. In circular resolution it is not possible.
No, it will not be approved by circular resolution. Because it will be firstly approved by Board then placed before the Board Meeting. So it can not be passed by circulation.
The Stock Exchange will be intimated before 7 clear date of Board meeting. In circular resolution it is not possible.
CA Lokesh Pokharna
(Expert)
11 January 2013
Ajay sir,, is there any mandatory requirement for unlisted public companies to make & approve quarterly financial statements??????
Ajay Mishra
(Expert)
11 January 2013
Hi
The Companies Act, 1956 says only 8 items should only be passed in Board meeting not by circulation. I given answer to keep in mind as listed company. I skip the word unlisted.
In case of listed it is mandatory. But in case of unlisted company it is not mandatory. But as it is a material item of the company so it should be passed at Board meeting not by circulation.
The Companies Act, 1956 says only 8 items should only be passed in Board meeting not by circulation. I given answer to keep in mind as listed company. I skip the word unlisted.
In case of listed it is mandatory. But in case of unlisted company it is not mandatory. But as it is a material item of the company so it should be passed at Board meeting not by circulation.
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