Change in fy and disclosure of results
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 April 2012
ABC Ltd. is having FY starting from 1st July to 30th June. Company decides to change its FY from July-June to 1st April to 31st March.
Can the company do so?. If it changes, can the company can disclose its results from July to March (Jul-Jun-Mar) i.e. for 21 months.
If it changes what are the implications and other complainces with Companies Act, SEBI Guidelines, ROC filings and RBI norms and company can adhere to
Can the company do so?. If it changes, can the company can disclose its results from July to March (Jul-Jun-Mar) i.e. for 21 months.
If it changes what are the implications and other complainces with Companies Act, SEBI Guidelines, ROC filings and RBI norms and company can adhere to
14 April 2012
A Company can change its financial year with the approval of board. However as per section 210, no financial year shall exceed 15 months and with special permission 18 months. Hence, in ur case financial year cannot be 21 months.
The financial year in ur case shall be July 01 to March 31st for 9 months and thereafter April to March.
Form 61 can be filed with ROC.
The financial year in ur case shall be July 01 to March 31st for 9 months and thereafter April to March.
Form 61 can be filed with ROC.
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