Format board resolution for aligning financial year as per company act 2013

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Reshma (Querist)
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03 December 2015 Hi All, Can any one help in drafting the board resolution for aligning the financial year of the company as per Companies Act 2013.

Pratik Shah

Pratik Shah (Expert)
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07 December 2015 I have used below for one of my company. I hope this may be helpful to you.

______________________

The Chairman informed that, the Board of Directors, in its first Board meeting dated 20th September, 2013, had decided that the Company’s first financial year should be from 26th August, 2013 till 30th June, 2014 and thereafter all subsequent financial year should closed on 30th June every year.

However, pursuant to Section 2(41) of Companies Act, 2013, ‘financial year’ means a period ending on the 31st March of every year. Also, it mandates every existing company, within the period of 2 years from the commencement of Companies Act, 2013, to align its financial year as per provisions of this clause.

Hence, the Chairman informed, it is necessary to close Company’s financial year by 31st March of every year to comply with the provisions of 2(41) of Companies Act, 2013. The Board discussed the matter and thereafter passed the following resolution unanimously:-

"RESOLVED THAT pursuant to the provisions of Section 2(41) and other applicable provisions of the Companies Act, 2013, if any, the financial year of the company starting from July 1, 2014 to June 30, 2015 (12 months) be and is hereby changed to July 1, 2014 to March 31, 2015 (9 months).

RESOLVED FURTHER THAT the all subsequent financial years of the company be closed on 31st March every year.

RESOLVED FURTHER THAT any one of the Directors be and is hereby authorized to do all acts, deeds and things and to take all steps and give such directions as may be necessary that may arise in such manner as the Board in its absolute discretion may deem fit."

_____________________

Reshma

Reshma (Querist)
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07 December 2015 thanks for the board resolution format..

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